Page 1701 - Business Finance
Govt extends deadline for GST returns filing for taxpayers affected by cyclones
The government has extended the date for filing summary GST sales returns for October by a month to December 20 for taxpayers affected by cyclones in Andhra Pradesh and Tamil Nadu. For taxpayers whose principal place of business is in the district of Srikakulam in Andhra Pradesh, the due date for filing GSTR-3B for the months of September and October has been extended till November 30, 2018. Those taxpayers whose principal place of business is in the 11 specified districts of Tamil Nadu, the GSTR-3B for the month of October has to be filed by December 20. "In view of the disturbances caused to daily life by Cyclone Titli in the district of Srikakulam, Andhra Pradesh, and by Cyclone Gaza in eleven districts of Tamil Nadu viz., Cuddalore, Thiruvarur, Puddukottai, Dindigul, Nagapatinam, Theni, Thanjavur, Sivagangai, Tiruchirappalli, Karur and Ramanathapuram, the competent authority has decided to extend the due dates for filing various GST returns," a finance ministry statement said. The
India to export fish meal, fish oil to China: Commerce Ministry
China has now agreed to import fish meal and fish oil from India as both sides have inked a protocol regarding this on Wednesday. "Signing of the protocol between the two countries paves the way for export of Indian fish oil and fish meal to China," the commerce ministry said in a statement. A protocol on hygiene and inspection requirements for the exports was signed during the visit of Chinese Vice Minister, General Administration of Customs of China Hu Wei here. The move would enable India to commence export of fish meal and fish oil to China. The neighbouring country has so far not allowed these exports by India. China imports fish oil to the tune of USD 143.29 million per year and fish meal worth USD 263.43 million. The chinese minister, who is leading a six-member delegation, met Commerce Secretary Anup Wadhawan and discussed various issues of market access for different products like milk and milk products, agricultural goods like soy meal, fruits and vegetables, tobacco and ...
Blue economy a critical aspect of India's economic development agenda: Gadkari
Union Minister Nitin Gadkari Wednesday said the blue economy is a critical aspect of the India's economic development agenda and the country endorses its growth in a sustainable manner. Transport and Shipping Minister Gadkari, who is in Kenya to attend a conference on the blue economy, also said that Africa could be a good market for Indian electric vehicles and two-wheelers. "India endorses the growth of the blue economy in a sustainable, inclusive and people centred manner through the framework of the Indian Ocean Rim Association (IORA)," Gadkari was quoted as said at the conference in Nairobi in a statement by the Ministry of Shipping. He said the blue economy remains a critical aspect of India's economic development agenda, and more than 95 per cent of the country's trade is being carried on by sea. The minister was speaking Wednesday at the 'Sustainable Blue Economy Conference' in Nairobi, hosted by Kenya with Canada and Japan as co-hosts. "Emphasising the importance that India ..
Britain may block Experian-ClearScore credit data merger
(Reuters) - Britain's competition watchdog indicated it may block credit data company Experian's takeover of rival ClearScore and warned the deal could stifle development of digital products that help customers understand personal finances.
Wall Street gains on hopes of trade truce, Powell's speech in focus
(Reuters) - U.S. stocks gained on Wednesday on hopes of a trade truce between the United States and China at the upcoming G20 Summit, while investors looked forward to Fed Chairman Jerome Powell's speech for clues on the path of interest rate hikes.
Wall Street grows cautious but still optimistic: Reuters poll
NEW YORK (Reuters) - Fears of a prolonged U.S.-China trade war and a potentially overzealous Federal Reserve have left Wall Street strategists less optimistic about stock market gains next year, but they still expect a decent increase, a Reuters poll found.
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.
Tiffany sales miss as Chinese tourists spend less than anticipated
(Reuters) - Tiffany & Co's quarterly sales missed estimates as a slowing Chinese economy prompted Chinese tourists to spend less at the jeweler's stores in the United States and Hong Kong, a shortfall that sent the company's shares down as much 13 percent.
Daimler to start making electric cars in China in 2019
STUTTGART (Reuters) - Daimler will start building electric cars in China next year as a way to meet Beijing's stringent anti-pollution quotas for carmakers, even as demand for conventional models like the Mercedes-Benz Maybach remains strong.
Bharti Airtel International pre-pays over USD 995 mn debt via recent tender offer
Bharti Airtel International (Netherlands), a subsidiary of Bharti Airtel, Wednesday said it has pre-paid over USD 995 million debt as part of a recently-concluded cash purchase of its bonds. "Pursuant to the settlement of the tender offer, USD 995,085,000 in principal amount of the Notes were purchased and redeemed by the company on November 27, 2018 and cancelled pursuant to the terms and conditions of the Notes. USD 504,915,000 in principal amount of the Notes remain outstanding," said a filing by Bharti Airtel. Earlier this month, ?Bharti Airtel had announced it will pre-pay USD 1.5 billion debt with its subsidiary Bharti Airtel International (Netherlands), using the proceeds it got from six global entities investing in its Africa unit. Accordingly, Bharti Airtel International (Netherlands) B V commenced cash purchase of USD 1.5 billion, 5.125 per cent Guaranteed Senior Notes which were due in 2023. "Bharti Airtel International...today announced the settlement of its previously ...
Wall Street opens higher on trade truce hopes; Powell speech eyed
(Reuters) - U.S. stocks opened higher on Wednesday on hopes of a trade truce between the United States and China at the G20 Summit, and as investors looked forward to Fed Chairman Jerome Powell's speech for clues on the path of interest rate hikes.
Government releases GDP back-series data, UPA era growth rates revised downward
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.
Jet Airways shares end over 5% higher
Shares of Jet Airways Wednesday surged over 5 per cent amid reports that Naresh Goyal will sell stake in the company. The stock soared 5.20 per cent to end at Rs 308.80 on the BSE. During the day, it jumped 8.94 per cent to Rs 319.80. On the NSE, shares of the company surged 5 per cent to close at Rs 308.40. In terms of equity volume, 23.98 lakh shares of the company were traded on the BSE and over 2 crore shares changed hands on the NSE during the day. The BSE had sought clarification from Jet Airways (India) with respect to news that Jet Airways shares surge on report of Goyal's exit. Later in a clarification, the company said that the subject news is "speculative in nature". "Please note that the subject news is speculative in nature and we are committed to make appropriate disclosures in accordance with applicable regulations to avoid any speculative activities," "Jet Airways said in a BSE filing. There have been no discussions or decisions by the board, which would require a ...
Oil slips below $60 on U.S. inventories, caution on OPEC
LONDON (Reuters) - Oil slipped to below $60 a barrel on Wednesday, pressured by rising U.S. inventories and doubts over whether an OPEC-led output cut will be agreed next week.
Car market collapse outruns GM moves to keep up
DETROIT (Reuters) - General Motors Co's monumental announcement on Monday that it will close three car assembly plants in North America and slash its workforce will only partially close the gap between capacity and demand for the automaker's sedans, according to a Reuters analysis of industry production and capacity data.
Online ads most effective to promote festive shopping: Study
Online has become the most influential advertising medium for retailers to woo customers this festive season, according to a customer sentiment index. The Retailers Association of India (RAI) in partnership with LitmusWorld found that online influenced 69 per cent of consumers were influenced to shop after seeing ads on social media. Television ads came second with a share of 39 per cent followed by newspaper ads at 35 per cent. The index, in which 50,000 consumers participated, found that online was the most preferred channel for shopping, with 65 per cent followed by malls with 64 per cent. Discounts also influence the purchasing decision with 60 per cent consumers wanting this. It noted that clothes dominated the shopping category with 66 per cent, followed by electronics (45 per cent) and mobiles (38 per cent). Consumers are also keen to splurge this festive season, it said, with as many as 25 per cent willing to spend between Rs 15,000 and Rs 30,000 and 20 per cent ..
NHB disburses Rs 3,270 cr to 1.43 lakh beneficiaries under PMAY till Nov 28
National Housing Bank (NHB) said Wednesday it has disbursed Rs 3,270 crore subsidy to more than 1.43 lakh households so far this year under the Credit Linked Subsidy Scheme (CLSS) of the PM Awas Yojana (PMAY). NHB is the central nodal agency for the implementation of the CLSS. "This has exceeded the cumulative amounts over the past three years, i.e. since the launch of the Scheme: whereas in the period 2015-18, Rs 2,943 crore was given to 1.38 lakh households, the coverage this year, so far has surpassed these numbers," NHB said in statement. Promotion of affordable housing for Economically Weaker Section, Lower Income Group, and Middle Income Group through Credit Linked Subsidy Scheme (CLSS) is one of the four verticals of PMAY (Urban) under Housing for All Mission by 2022, it said. The CLSS was introduced in June 2015 under PMAY for home loans to customers from the EWS, LIG and was extended to Middle Income Group (MIG) from January 2017. The CLSS has been implemented through ...
National Housing Bank provides $463 million subsidy to low income home buyers
(Reuters) - The National Housing Bank (NHB) said on Wednesday that it had provided an interest subsidy of 32.70 billion rupees ($463.3 million) to more than 143,000 households up to Nov. 28 this year.
Threat of new Russia sanctions forces foreign investor rethink
LONDON (Reuters) - The Kremlin's latest standoff with Ukraine in the Azov Sea is forcing foreign investors to reconsider Russia, which faces the possibility of even more stringent Western sanctions.
Ahead of 2019 polls, govt slashes GDP growth rate during UPA era
The government Wednesday lowered the country's economic growth rate during the previous Congress-led UPA regime, shaving off over 1 percentage point from the only year when India posted double-digit GDP growth post liberalisation and from each of the three years with 9-plus per cent expansion. Recalibrating data of past years using 2011-12 as the base year instead of 2004-05, the Central Statistics Office (CSO) estimated that India's GDP grew by 8.5 per cent in the financial year 2010-11 (April 2010 to March 2011) and not at 10.3 per cent as previously estimated. Similarly, 9.3 per cent growth rate each in 2005-06 and 2006-07 was lowered to 7.9 per cent and 8.1 per cent respectively, while 7.7 per cent rate was now estimated for 2007-08 instead of 9.8 per cent. The revised growth numbers have been released ahead of the 2019 general elections. At a joint press conference along with Chief Statistician Pravin Srivastava, Niti Aayog Vice-Chairman Rajiv Kumar said variation in two sets of .