Page 1700 - Business Finance
Govt, Ficci to organise global aviation summit in Jan; over 1,000 delegates to participate
More than 1,000 delegates and over 50 global CEOs are expected to participate in the two-day global aviation summit scheduled to be held in January next year, according to the Civil Aviation Ministry. The summit, to be held on January 15 and 16 in Mumbai, would provide a platform for the stakeholders to brainstorm on the future of aviation industry and identify the growth areas. The ministry along with industry body Ficci would be organising the summit with the theme 'Flying for all -- especially for the next 6 billion'. Among others, the future of drones, sustainable growth of aviation, cargo and logistics in the aviation industry would be discussed. Speaking at a curtain raiser function for the summit, Civil Aviation Minister Suresh Prabhu the event would be a first of its kind and emphasised that aviation sector is all about team work. As per the ministry, over 1,000 delegates, more than 50 global CEOs as well as transport ministries and civil aviation authorities from various ...
Danske Bank charged over alleged violations of money laundering law
COPENHAGEN (Reuters) - Denmark's state prosecutor has filed preliminary charges against Danske Bank for alleged violations of the country's anti-money laundering act in relation to its Estonian branch.
AI expected to reap Rs 2,000 cr benefits from cost-cutting, revenue augmentation plan
Debt-ridden national carrier Air India has commenced a 'cost-cutting and revenue augmentation' plan to garner 'financial benefits' of Rs 2,000 crore per annum.
Exclusive: Abraaj founder Naqvi pitches last-ditch rescue bid to investors
DUBAI (Reuters) - Arif Naqvi, founder of troubled buyout firm Abraaj, is making a last-ditch effort to rescue the remaining business of what was once one of the largest investors in emerging markets.
Global Markets: Stocks rise on U.S.-China trade hopes; investors eye Fed speech
NEW YORK (Reuters) - Rising hopes that the United States and China could call a trade war ceasefire at the upcoming G20 summit boosted global stocks on Wednesday, but gains were held in check as investors looked ahead to a speech by Federal Reserve Chairman Jerome Powell.
Unilever emerges as top contender for Horlicks, say reports
Anglo-Dutch consumer goods company Unilver PLC has emerged as the top contender for the nutrition business of GlaxoSmithKline consisting of popular brands like Horlicks in India, media reports has suggested. Ending almost four-month long auction process in which several companies including CocaCola, Kraft Heinz and Nestle joined the intense bidding process, Unilever emerged as the leading company, said the reports. According to the Financial Times report, GlaxoSmithKline has entered into "exclusive negotiations" with Unilever to sell its nutrition business for the USD 4 billion leaving behind the Vevey-headquarted Swiss food and beverages firm Nestle. Quoting sources, Financial Times said that Unilever has beaten rival bid from Nestle, which was looking to build on its market-leading position in powdered hot drinks, where it already sells Milo and Nesquik. If the deal is sealed in favour of Unilever, it would further consolidate the position of its Indian subsidiary Hindustan ...
Maha govt withdraws bill that seeks to amend APMC Act
The state government Wednesday withdrew the bill that seeks to amend the Maharashtra Agricultural Produce Marketing (Development and Regulation) Act from the Legislative Council. The bill was passed in the Legislative Assembly on Tuesday. In October, the BJP-led government had allowed farmers and traders to sell their yield outside the Agricultural Produce Market Committees (APMC), calling it a "pro-farmer" move. After the bill was passed in the Lower House on Tuesday, the APMCs, largely controlled by the NCP, had announced a two-day state-wide shutdown. The bill which sought to deregulate APMCs sparked off protests by mathadi workers (head loaders) in the state. A source from the agriculture department said the bill sought to allow farmers to sell produce outside the APMC market yards. In the legislative council, 10 members, including Prasad Lad, Vijay Girkar (both BJP), Neelam Gorhe and Anil Parab (both Shiv Sena) moved a motion seeking to refer the bill to a select .
Oil falls below $60 on tenth straight U.S. crude build
NEW YORK (Reuters) - Oil slipped below $60 a barrel on Wednesday, continuing a recent run of losses, after U.S. crude inventories rose for the 10th week in a row.
Fed stability report: Banks, households strong, but asset values "elevated"
WASHINGTON (Reuters) - Tensions over trade, the turbulent Brexit discussions, and trouble in China and emerging markets could rock a U.S. financial system where asset prices are "elevated" and business credit quality may be "deteriorating," the U.S. Federal Reserve said in a first-ever report devoted to financial stability.
Delhi govt's draft EV policy addresses concerns required to combat air pollution: SMEV
Electric vehicle makers body SMEV Wednesday said the draft electric vehicles policy unveiled by the Delhi government addresses some major concerns that are required to combat vehicular air pollution in the national capital. "EV industry welcomes the government's vision towards adopting a cleaner mode of transportation. The policy addresses some of the major concerns that are required to bring an EV revolution in the city," Society of Manufacturers of Electric Vehicles Director-General Sohinder Gill said in a statement. It also sets a precedent and an example for other states which have either not announced any state-level policy or have announced but not implemented one, he added. The Delhi government on Tuesday came out with its draft electric vehicles policy, targeting 25 per cent of all new vehicle registrations to be electric by 2023 through the subsidy for such autos, rickshaws and two-wheelers, among others. It also recommends strengthening infrastructure to provide battery ...
Speculations may have triggered rupee fall: SBI report
Relentless upward movements in crude prices since July led to increase in speculations in foreign exchange market and such activities seem to have triggered the rupee fall in recent months, an SBI research report Wednesday. SBI's 'Ecowrap' noted that even as there has been policy changes to liberalise capital inflows, merchant and interbank market foreign exchange turnover give interesting insights regarding demand-supply matrix of foreign exchange. In the merchant market (in both spot and forward segment), there was an excess demand in the range of USD 9-14 billion since February 2018. However in the interbank market, the trend is quite opposite and there has been excess supply. Specifically, in the month of August the excess demand in Merchant segment was far outstripped by oversupply in Inter Bank market, said the report titled 'Rupee for a Turnaround'. "This indicates that speculation may have triggered a currency fall," it said. The report further said the Reserve Bank of India ..
UK to be worse off with Brexit, warns new analysis
The UK will be worse off economically under any form of Brexit, a new government analysis warned on Wednesday. The gloomy economic prospect for Britain outside the 28-member European Union forms part of the UK Treasury's outlook on the country's finances under different scenarios of exit, compared with staying in the EU. Leaving under the current controversial Withdrawal Agreement, or divorce pact, struck by Prime Minister Theresa May is only marginally better than other prospects, with the UK economy expected to be 3.9 per cent smaller after 15 years if it leaves under the arrangements being formalised now. But comparatively, crashing out of the economic bloc in a no-deal Brexit scenario could deliver a 9.3 per cent hit to the economy, the Treasury estimates say. "Our deal is the best deal available for jobs and our economy, that allows us to honour the referendum and realise the opportunities of Brexit," May told MPs in the House of Commons on Wednesday, as she continued to garner ..
Trump says studying new auto tariffs after GM restructuring
WASHINGTON (Reuters) - U.S. President Donald Trump on Wednesday said new auto tariffs are "being studied now," asserting they could prevent job cuts such as the U.S. layoffs and plant closures that General Motors Co announced this week.
UPA era growth rates revised downward in new back-series data
The government on Wednesday released the much-awaited back-series estimates for India's GDP which showed a lower rate of growth during the UPA years between 2005-06 and 2011-12 than what was estimated using the earlier methodology.
Exclusive: EPA refinery biofuel waiver program on hold pending review - sources
NEW YORK (Reuters) - The Trump Administration has temporarily frozen a program meant to exempt small oil refineries in financial distress from the U.S. biofuels law, as it reviews the scoring system to evaluate applications, according to two sources familiar with the matter.
People using common mobility card to get 10% discount on DTC buses
Commuters using common mobility card in Delhi Transport Corporation(DTC) buses will be given a 10 per cent discount in fares from November 30. The public transporter will provide the 10 per cent discount in fares on usage of Delhi Metro Card/Common Mobility Card for purchasing tickets, said a DTC statement. The facility is already available in Cluster buses run by Delhi Integrated Multi Modal Transit System(DIMTS).
IFC invests a record USD 2.6 bn in India last fiscal
World Bank arm IFC said Wednesday it has invested a record USD 2.6 billion in India in 2017-18, which grew by more than 100 per cent over the previous two years. "IFC invested a record USD 2.6 billion in India in FY2018 a rise of 136 per cent over the figure two years ago -- in the key priority areas of infrastructure, logistics, inclusion, and sustainability," IFC said in a release. These investments are all long-term, made over 40 engagements with partners ranging from new-age start-ups, such as Coverfox and Bizongo, to established names such as Mahindra & Mahindra and HDFC, it said. "This is an all-time high and addresses key development gaps through select and systemic interventions in affordable housing, small and medium enterprises, distressed assets, technology start-ups, logistics, agriculture, renewable energy, and sustainable mobility." These sectors will remain the cornerstones of IFC's investment and advisory activities in India in the years to come, said the World ...
RBI not doing enough on liquidity: FinMin official
A day after the Reserve Bank of India (RBI) announced to inject additional liquidity of Rs 40,000 crore through purchase of government securities, a senior Finance Ministry official said the central bank is not doing enough.
Stage set for 5th phase of J&K panchayat polls
All arrangements have been made for the fifth phase of the nine-phased panchayat elections in Jammu and Kashmir on Thursday, state Chief Electoral Officer Shaleen Kabra said Wednesday. The polling for the fifth phase will be held at 2,512 polling stations, including 1,743 stations in Jammu division and 769 in Kashmir division, from 8 am to 2 pm, he said. The officer said 848 polling stations have been categorised as 'hypersensitive', including 755 in Kashmir division and 93 in Jammu division. He said 4,763 candidates are in the fray for 309 sarpanch and 1,534 panch seats in the fifth phase, while 118 sarpanchs and 1,046 panchs have been elected unopposed. In the areas going to polls on Thursday, an electorate of 4,04,283 will be voting for sarpanch constituencies and 2,70,295 for panch constituencies, Kabra said. The chief electoral officer (CEO) said photo voter slips have been distributed among the voters to inform them of their polling stations. In the first phase of the panchayat .
IMF's Lagarde warns of worse trade hit to global economy
The impact of escalating trade tensions on global growth are worse than feared just one month ago, and threatened US auto tariffs could cut a large chunk out of the world economy, the IMF said Wednesday. Just last month, the International Monetary Fund warned of the dangers of the trade frictions -- notably between the United States and China, which have exchanged tariffs on hundreds of billions in products. But IMF chief Christine Lagarde said those headwinds "could have slowed momentum even more than we had expected." In a report for the Group of 20 leaders meeting in Buenos Aires, the IMF said auto tariffs, if imposed, could cut three fourths of a per cent off the global economy. Emerging market economies, especially China and the euro area, are already seeing their economies slow, while a "no-deal Brexit could further dent confidence," Lagarde said in a blog post that accompanied the report. The report said trade and Brexit risks "remain acute," and the uncertainty itself creates .