Page 1712 - Business Finance
Scotiabank optimistic of beating growth targets in 2019
TORONTO (Reuters) - Bank of Nova Scotia is optimistic of beating its growth targets next year, Chief Executive Brian Porter said after the bank posted fourth-quarter results which were marginally below forecasts on Tuesday.
Wary whistleblower casts light on dark Danish drama
COPENHAGEN/LONDON (Reuters) - When Howard Wilkinson was given a tablet as a gift from a client and his boss did not respond to questions about what he should do with it, the Briton sold it and donated the proceeds to the Tallinn Childrens' Hospital in Estonia.
JCCI against making JK Bank a PSU
Jammu Chamber of Commerce and Industry (JCCI) Tuesday voiced concern over "politicising the autonomy" of J&K Bank and advised against making it a public sector undertaking (PSU). "The chamber took a serious view of the attempts being made to politicise the autonomy of J&K Bank which belongs to the people of the state," JCCI president Rakesh Gupta said in a statement here. He said the chamber advises all those who are trying to make J&K Bank a PSU should desist from such attempts although it strongly advocates and believes in transparency of any institution and feels that it is totally transparent and open for any inspection or information being governed by the RBI. "J&K Bank is the pride of the people of the state that not only is the backbone of the economy, helping the jobless, financing the entrepreneurs but also as a part of corporate social responsibility,helping all those in the need of hour, the flood relief given in crores to the Government of Kerla is a ...
Former Andrew Yule's head Kallol Datta dead
Renowned business personality and state-run Andrew Yule & Company's former head Kallol Datta died on Tuesday at a private hospital in the city, sources said.
RBI to inject Rs 40,000 cr liquidity in December
Yielding to the liquidity concerns raised by the government, the Reserve Bank of India (RBI) on Tuesday said it will "inject durable liquidity" of Rs 40,000 crore through open market operations (OMOs) in December.
Sebi takes steps to lower trading costs
Capital market trading costs are likely to decrease next year under a framework for interoperability among clearing corporations (CCPs) which will be operationalised by June 1, 2019, as per new guideliens issued by regulator Securities and Exchange Board of India (Sebi) on Tuesday.
Cryptocurrencies to survive despite massive sell-off - Allianz's El-Erian
NEW YORK (Reuters) - Cryptocurrencies, in the midst of a massive sell-off, will survive but will remain part of the commodity space, and not as a separate asset class, Mohamed El-Erian, chief economic adviser at Allianz, said on Tuesday.
Jammu industrialists demand opening of new cross-LoC routes in JK
The Federation of Industries Jammu (FOIJ) Tuesday demanded opening of new cross-LoC routes in the state for achieving dual goals of economic development and peace building using a market development intervention. "We request Prime Minister Narendra Modi and state's Governor Satya Pal Malik to explore the possibilities for the opening of new cross-LoC routes for trade," FOIJ chairman Lalit Mahajan said. Suggesting opening of Suchetgarh route along the international border here for trade of goods with Pakistan on the pattern of Wagah border to explore new market for local industry, Mahajan said the Micro, Small and Medium Enterprises (MSMEs) sector in the state is suffering due to location disadvantages and shallow market avenues. "It is difficult for us to sell products in the neighbouring states and if an opportunity is provided to the unit holders to sell their products through cross-LOC trade, it will boost the confidence of the industrial unit holders and will also ensure overall ..
Pawan Hans sale: Shortlisted bidders to get draft share purchase pact this week
The draft share purchase agreement will be shared this week with shortlisted bidders of Pawan Hans for divesting the government and ONGC's stake in the helicopter service provider, an official said Tuesday. The decision was taken by the Alternative Mechanism on strategic disinvestment headed by Finance Minister Arun Jaitley and comprising Civil Aviation Minister Suresh Prabhu. "We will ask the transaction advisor SBI Capital to go ahead with the second stage of bidding process, which is issuance of the request for proposal (RFP) document, together with the draft share purchase agreement (SPA)," the official said. The government holds 51 per cent stake in Pawan Hans, which has a fleet of 46 choppers. The remaining 49 per cent is with state-run ONGC. Talking to reporters after the meeting of the Alternative Mechanism, the official said there has been "healthy interest" in the initial bids for Pawan Hans strategic sale. "The RFP and the SPA would be issued this week," the official said, .
Global Markets: Trade tensions weigh on stocks; U.S. dollar climbs
NEW YORK (Reuters) - Global stock markets edged lower on Tuesday, as the previous session's strong rally ran out of steam after U.S. President Donald Trump appeared to quash hopes of a trade truce with China at the upcoming G20 Summit.
OYO appoints Rohit Kapoor to lead real estate businesses
OYO Hotels on Tuesday announced the appointment of Rohit Kapoor to lead its real estate businesses from the coming December 6.
Mphasis Rs 988cr-buyback offer to open on Dec 7
IT firm Mphasis Tuesday said its buyback offer for a consideration of up to Rs 988.27 crore is slated to open on December 7. The buyback offer will close on December 20, it said in a BSE filing. The last date for payment of consideration is January 1, 2019 and final date for extinguishment of equity shares bought back is set for January 8, it added. In August, Mphasis' Board had approved a proposal for buyback of equity shares from all the existing shareholders at a maximum price of Rs 1,350 per equity share. "The resultant shares to be bought back with the maximum price is 7,320,555 equity shares... The buyback offer size of Rs 9,882.75 million is 25 per cent of the total paid-up equity capital and free reserves of the company as per the audited financials as at June 30, 2018," it has said. Last year, Mphasis had completed buyback of 17.4 million shares with a total outlay of Rs 11.03 billion.
Panchayat polls: J-K records 71.3% voter turnout in fourth phase
The state of Jammu and Kashmir recorded a voter turnout of 71.3 per cent in the fourth phase of panchayat elections on Tuesday.The Jammu division witnessed an overall voter turnout of 82.4 per cent while 32.3 per cent turnout in the Kashmir Valley.The voter turnout recorded in other areas of Jammu division and Kashmir division are - Kupwara 56.1 per cent, Bandipora 24.4 per cent, Baramulla 62.4 per cent, Budgam 46.3 per cent, Pulwama 0.6 per cent, Kulgam 14.5 per cent, Anantnag 6.2 per cent, Kishtwar 82.3 per cent, Doda 84.6 per cent, Ramban 81.1 per cent, Udhampur 78.9 per cent, Kathua 80.7 per cent, Jammu 85.2 per cent, Rajouri 81.8 per cent and Poonch 82.5 per cent.After withdrawal and scrutiny, over 5400 candidates were in the fray for 339 Sarpanch and 1749 Panch seats in the fourth phase. So far, 99 Sarpanchs and 969 Panchs have been elected unopposed.This is the first time in the fourth phase that as many as 17 districts out of 22 have gone for elections in a single phase. ...
Wall Street falls as Trump's threat sparks trade worries
(Reuters) - U.S. stocks declined on Tuesday after President Donald Trump's threat to move ahead with additional tariffs on Chinese goods dampened hopes of resolving the trade spat at the upcoming G20 Summit.
ICICI Prudential Life sees banks, capital goods driving 2019 growth
MUMBAI (Reuters) - India's largest private sector insurer, ICICI Prudential Life Insurance, expects private banks and big capital goods companies to drive growth next year, as lenders get on top of their bad loans and oil prices come off their highs.
Sterlite Power SPV raises Rs 3,000 cr via bonds
Sterlite Power said Tuesday its special purpose vehicle NRSS XXIX Transmission Ltd has raised Rs 3,000 crore through bonds on BSE BOND platform. "On November 27, 2018, NRSS XXIX Transmission Limited successfully raised Rs 3,000 crores by issuing bonds on private placement basis using the same platform," a company statement said. We are proud to have completed this important transmission line project in Kashmir, ahead of schedule. These AAA bonds have been fully subscribed on the BSE BOND platform and will help to deepen the much needed infrastructure bond market in India," said Pratik Agarwal, Group CEO, Sterlite Power in the statement. Sterlite Power is a global developer of power transmission infrastructure with projects of over 12,500 circuit km and 20,500 MVA in India and Brazil. With an industry-leading portfolio of power conductors, EHV cables and OPGW, Sterlite Power also offers solutions for upgrading, uprating and strengthening existing networks.
Dell EMC, Lavelle Networks partner to deliver next-gen network in APAC
Dell EMC and Indian tech firm Lavelle Networks Tuesday announced their partnership for delivering a networking platform to meet customer requirements in the Asia Pacific region. Dell EMC will provide infrastructure solutions enabling Lavelle Networks to deliver SDN architecture to customers in the Asia Pacific region, a statement said. By integrating Lavelle Networks' SDN technology with solutions from Dell EMC, industrial and commercial customers now have access to a next-generation WAN (wide area network) technologies, it added. This partnership will also strengthen Lavelle Networks' go-to-market strategy by leveraging Dell EMC's global supply chain and customer base, it added. So far, Lavelle Networks has already closed a deal of more than USD 80,000 with a top finance company through this partnership, the statement said.
Oil prices steady near year lows ahead of G20 and OPEC
LONDON (Reuters) - Oil prices steadied on Tuesday, depressed by record Saudi production but supported by expectations that oil exporters would agree to cut output at an OPEC meeting next week.
Fed's Clarida more sensitive to data, still backs U.S. rate hikes
NEW YORK (Reuters) - The Federal Reserve should be even more attentive to new economic data as its gradual interest-rate hikes edge it ever closer to a neutral stance, the U.S. central bank's second-in-command said on Tuesday.
RBI eases hedging requirements for external commercial borrowings
In a bid to encourage more companies to raise money overseas, the RBI has relaxed the mandatory hedging requirement for funds raised through the external commercial borrowing route. Now, the hedging is required only for 70 per cent of the total funds raised through that route whereas earlier it was 100 per cent. Reduction in hedging requirement is likely to bring down cost of borrowing from overseas markets as companies would find it less expensive to manage risks associated with exchange rate fluctuations. The move also comes against the backdrop of rupee witnessing significant depreciation in recent months. In a notification, the central bank said that companies raising External Commercial Borrowing (ECB) with maturity periods of 3 to 5 years would now require only to provide hedging for 70 per cent of the fund raised as against full exposure earlier. "On a further review of the extant provisions, it has been decided, in consultation with the Government of India, to reduce the ...