Page 1702 - Business Finance
Over 50 Indian firms explore investing in UAE economic zone
Over 50 major Indian companies have shown interest in expanding their operations to the Ras Al Khaimah Economic Zone (RAKEZ) in the UAE, one of UAE's seven emirates and a free economic zone offering comparatively attractive incentives, RAKEZ Chief Executive Ramy Jallad said on Wednesday.
Aero Club bets big on WOODS brand; eyes 20 stores by Dec 2019
Aero Club, owners of the popular brand 'Woodland', has unveiled new products to strengthen its 'WOODS' brand, Aero Club managing director Harkirat Singh said Wednesday. WOODS first store in the city was inaugurated by Singh at Palladium Mall, Velachery. "We took a risk and set up the first WOODS store in Delhi. The response we got was huge. We are planning to expand WOODS stores in 10-15 cities...the plan is to have at least 20 retail stores by next year end," Singh told PTI. The outlets to be set up by the company in luxury malls would attract investments of Rs one crore each, he said. "Right now the focus is in malls," he said when asked whether the company would look at establish stand-alone stores. "WOODS will be serving women customers while Woodland is more of outdoor adventurer (category)," he said. On expansion plans, he said "Delhi has got two stores, South India four stores-- one in Palladium Mall, Chennai, Mantri Square Bengaluru, Lulu Mall, Kerala and fourth .
NCR Corp inks 3-year contract with PNB for IT support services
US-based banking solutions provider NCR Corporation Wednesday said it has signed an agreement with Punjab National Bank for providing IT support services to the lender's ATM network. "The three-year agreement establishes NCR Corporation as Punjab National Bank's key services support provider for a significant part of its global network of over 3,600 ATMs," NCR Corporation said in a release. PNB is India's sixth largest bank in terms of ATMs deployed in the country with 100 million customers, including approximately 40 million debit card holders. It has more than 6,692 branches and presence in nine countries. "We are impressed with NCR in terms of innovation, quality of service provided and its commitment to us and our customers to improve availability of our banking services, drive operational efficiency and deliver proactive service, said a PNB official in the release. NCR will provide the lender specific services, including incident management; cash management; electronic journal ...
Wall Street to open higher on hopes of trade truce; Powell speech in focus
(Reuters) - Wall Street was set to open higher on Wednesday on hopes of a trade truce between the United States and China at the G20 Summit, while investors looked forward to Fed Chairman Jerome Powell's speech for clues on the path of interest rate hikes.
Drivezy raises $20 mn in Series B funding round
Bengaluru-based vehicle sharing marketplace Drivezy Wednesday said it has raised USD20 million in the latest round of equity financing, led by existing investor Das Capital. The other investors who participated in the Series B funding round include Yamaha Motor, Axan Partners and IT-Farm, it said in a statement. The company, that was founded in 2015, will use the capital to expand its marketplace into new markets and integrate advanced services, it added. Additionally, it has also secured an asset financing deal for USD 100 million, that will be deployed over three years through a special purpose vehicle, Harbourfront Capital, which will focus on investment in global shared assets, the statement said. ********************** NCR Corporation to manage over 3,600 ATMs of PNB * NCR Corporation, a banking and commerce solutions provider, Wednesday said it has signed an agreement with Punjab National Bank to manage its ATMs. Under the three-year agreement, NCR will provide ..
Penny for your corn? Stingy trade-war aid irks U.S. farmers
CHICAGO (Reuters) - Iowa corn farmer Bob Hemesath jokes that the government check he expects as compensation for his trade-war losses will soon allow him to splurge on upscale coffee in town instead of his usual burnt gas-station brew.
Corrected: Wall Street grows cautious but still optimistic - Reuters poll
By Caroline Valetkevitch
Sensex, Nifty gain for third straight session; IT stocks up (Roundup)
The benchmark S&P BSE Sensex advanced 200 points on Wednesday, extending gains for the third straight session led by healthy buying in IT stocks. The sentiment was also boosted by an appreciating rupee and healthy foreign fund inflows.
A.M. Naik appointed Chairman of National Skill Development Corp
The government on Wednesday appointed A.M. Naik as the Chairman of National Skill Development Corporation (NSDC).
Vivo to finalise expansion plan in few weeks: Official
Chinese smartphone maker Vivo said Wednesday it was working on another major capacity expansion plan for manufacturing in India which would also include exports. "The present manufacturing facility at Greater Noida is 25 million pieces and we have reached the capacity. We are discussing on another major expansion which can be a greenfield project. Details will emerge in the next few weeks," Vivo India director, brand strategy, Nipun Marya said on the sidelines of the launch of Y95 model in the city. The company said it has pumped in about Rs 100 crore in the last few months in the existing Noida facility. Officials said the company was also holding dialogue with a few neighbouring states for the new facility. Marya said the company has been absorbing the rise of input cost owing to rupee depreciation and has not passed it on to customers. Asked if the company was working on foldable display technology as has been announced by competitors recently, the official said Vivo .
U.S. third-quarter GDP growth unrevised at 3.5 percent
WASHINGTON (Reuters) - The U.S. economy slowed in the third quarter as previously reported, but the pace was likely strong enough to keep growth on track to hit the Trump administration's 3 percent target this year.
World Gold Council appoints David Tait as next CEO
The World Gold Council on Wednesday announced the appointment of David Tait as its next CEO.
Govt to retain Rs 17k cr from CPSE ETF subscription
The government is likely to retain Rs 17,000 crore from the ongoing CPSE ETF follow on offer, as against the original offer size of Rs 14,000 crore, an official said Wednesday. "We will retain subscription to the tune of Rs 17,000 crore in the follow on fund offer (FFO) of CPSE ETF," the official told PTI. The government had Tuesday launched the fourth tranche of the CPSE ETF with a base issue size of Rs 8,000 crore. The issue had a green-shoe option to retain additional subscription of Rs 6,000 crore, taking the total issue size to Rs 14,000 crore. In the first day of the FFO on Tuesday, anchor investors had put in bids for 5.5 times the shares reserved for them, amounting to Rs 13,300 crore. The official said there was scope for retaining more over-subscription, but that could have meant government stake in some CPSEs falling to 53 per cent. An approval of alternative mechanism, headed by Finance Minister Arun Jaitley, would be required to increase the amount to be raised from FFO ..
World stocks climb to one-week high on hopes of trade reconciliation
LONDON (Reuters) - Hopes for a thaw in U.S.-China trade ties at the upcoming G20 summit helped world shares inch to a one-week high on Wednesday, though fears of a no-deal outcome weighed on European bourses and kept the dollar firm for the fourth day in a row.
Huawei to open 100 experience zones in India by 2019
Unveiling its future offline strategy for the India market, Chinese giant Huawei on Wednesday said it would set up 100 exclusive experience zones through its retail partners by 2019.
InMotion Ventures invests in travel platform WeTrip
InMotion Ventures, Jaguar Land Rover's venture capital fund, Wednesday announced seed investment in group travel platform WeTrip. The venture capital fund's seed stage funding will support WeTrip in its global ambition to become the go-to digital platform for booking personalised group experience holidays. "As well as investing in the future of mobility, our fund seeks to back companies that are enabling adventure through powerful digital lifestyle brands," InMotion Ventures Managing Director Sebastian Peck said in a statement. WeTrip is rapidly building a community of adventurous travellers, using their powerful tool for group bookings, and InMotion believes there is a genuine unmet need for a product of this kind, he added. In August 2017, WeTrip raised USD 1 million (around Rs 7.05 crore) funding to launch WeSki, a platform that allows groups to share responsibility for booking complete, tailor-made ski holidays. Jaguar Land Rover is owned by Tata Motors.
TCS becomes most-valued firm again; overtakes RIL
Tata Consultancy Services once again became the most-valued Indian company by market capitalisation following a smart surge in its share price Wednesday. Reliance Industries (RIL) on November 16 had pipped Tata Consultancy Services to become the most-valued company in terms of market capitalisation. At the end of trade on BSE Wednesday, TCS commanded a market valuation of Rs 7,41,677.60 crore, which is Rs 15,124.33 crore more than that of RIL's Rs 7,26,553.27 crore m-cap. Shares of TCS went up by 4.67 per cent to close at Rs 1,976.55 on BSE. During the day, it surged 4.96 per cent to Rs 1,982.15. The scrip of Reliance Industries Ltd ended 1.66 per cent higher at Rs 1,146.25. Intra-day, it gained 2.67 per cent to Rs 1,157.70. Over the past few months, RIL and TCS are competing with each other to claim the number one position in terms of market capitalisation. The m-cap figure of companies changes daily with stock price movement.
Chinese tiles overtaking Indian natural marble industry
Udaipur (Rajasthan) [India] Nov 28 (ANI): Famous Indian marbles which fascinated people from across the world is witnessing a steep fall in business due Chinese tiles which are capturing the Indian market at a fast pace.Udaipur, a hub for natural white marble, once had over 600 industries in the city's Marble Industrial belt. Unfortunately, half of these industries are forced to close down now due to lack of demand and are also replaced by Chinese tiles.Udaipur Marble Processors Samiti president Vijay Godha said, "In these past 15 years, marble industry has been badly affected. Earlier each and every unit used to work in three shifts, 50 per cent of industries have been closed today and in running units, labours work only in one shift."The shutting down of the industries has severely affected jobs for labours coming from nearby tribal areas.Federation of Indian Mineral Industries (FIMI) member ML Lunawath asserted, "We are facing the impact of growing demand of Chinese tiles here. ...
Bitcoin up 10 percent, on course for its biggest daily rise since April
LONDON (Reuters) - Bitcoin rallied 10 percent on Wednesday to more than $4,100, putting it on course for its biggest daily rise since mid-April as it pulled itself out of a recent slump.
Saudi Arabia wants united front on oil output; Russia and Nigeria hold out
ABUJA/MOSCOW (Reuters) - Saudi Arabia will not cut oil output on its own to stabilise the market, Energy Minister Khalid al-Falih said on Wednesday as Nigeria and Russia said it is too early to signal whether they would join any production curbs.