Page 1713 - Business Finance
RBI to pump in additional liquidity of Rs 40,000 cr in Dec
The RBI will pump in another set of liquidity in December by infusing Rs 40,000 crore into the system through open market operations (OMOs). "Based on an assessment of the durable liquidity needs going forward, the RBI has decided to conduct purchase of government securities under Open Market Operations (OMOs) for an aggregate amount of Rs 400 billion in the month of December 2018," the central bank said in a release Tuesday. The Reserve Bank will detail about the auction dates for the OMOs in due course. However, it added that this OMO amount is indicative with the RBI retaining the flexibility to change it, depending on the evolving liquidity and market conditions. The RBI had announced to inject Rs 40,000 crore into the system in November. It has already infused Rs 30,000 crore into the system while the rest Rs 10,000 crore liquidity would be pumped in through auction on Thursday. "Based on an assessment of prevailing liquidity conditions and also of the durable liquidity needs ...
Fed's Bullard: 'cracks' in growth may shape Fed 2019 debate
ST. LOUIS (Reuters) - For nearly two years the U.S. Federal Reserve has pushed ahead with steady rate increases in an economy that has done better than expected, boosted by government spending, tax cuts, and global growth that made the Fed's policy choices seem almost a footnote.
Exclusive: Traders in talks to form first LME ring member in decade
LONDON (Reuters) - A group of traders are in talks with Sigma Broking Ltd to create the first new open-outcry member of the London Metal Exchange (LME) in more than a decade, three industry sources said.
Wall Street opens lower after Trump's tariff threat
(Reuters) - U.S. stocks opened lower on Tuesday after President Donald Trump said he would move ahead with additional tariffs on Chinese goods, dampening hopes of resolving the ongoing trade spat at the upcoming G20 Summit.
Foresight Group International plans $500 mn investment in India
London-based Foresight Group International plans to invest USD 500 million in India across shipping, port, offshore drilling and LNG sectors, the company said Tuesday. "Foresight Group International, London-based shipping-to-retailing conglomerate plans to invest $ 500 million in India across Offshore Drilling, Shipping, Port and LNG sectors. The family trust owned group is committed to a long term purpose and will be making investments across various sectors in India with a long term growth perspective," the company said in a statement. It said the investment will be done over the next five years. The company has invested USD 600 million in the last three years in offshore drilling division to acquire three new cyber offshore rigs, it said. "The USD 1.85 Billion group has now finalised expansion plan for its shipping division and acquired a VLCC (very large crude carrier) in 2018 which is successfully chartered with oil majors and has decided to add 5 more VLCCs in 2019 focused on ..
Matrimony.com gets new Chief Financial Officer
: Marriage service provider Matrimony.com Tuesday said it has appointed Sushanth Pai as its Chief Financial Officer with effect from December 15. Earlier, Pai had served IT company Mindtree Ltd as its associate vice-president (finance). "We are happy to welcome Sushanth Pai to the leadership team. We are sure his financial acumen and experience will help Matrimony.com achieve its goals," a press release quoted Chief Executive Officer of the company Murugavel Janakiraman as saying. "I am excited to be part of leadership team and growth plan of Matrimony.com which has created a strong value proposition over the years and this leads to an interesting journey ahead, the release quoted Pai as saying.
J-K records 71.3% voting in 4th phase of panchayat elections
An estimated 71.3 per cent of voters exercised their franchise Tuesday in the fourth phase of panchayat elections in Jammu and Kashmir which concluded peacefully amid tight security arrangements, state chief electoral officer Shaleen Kabra said. While an overwhelming 82.4 per cent polling was recorded in Jammu division, 32.3 per cent was registered in Kashmir division, he said. Among districts, Kabra said Jammu recorded the highest poll percentage with 85.2 per cent, and the lowest was recorded at Pulwama district of south Kashmir with 0.6 per cent. In Kashmir division, the northern Baramulla district topped the voter turnout with 62.4 per cent followed by nearby Kupwara district at 56.1 per cent, Budgam (46.3%), Bandipora (24.4%), Kulgam (14.5%) and Anantnag (6.2%), he said. In Jammu division, Kabra said Doda recorded the highest voter turnout with 84.6 per cent, followed by Poonch (82.5%), Kishtwar (82.3%), Rajouri (81.8%), Ramban (81.1%), Kathua (80.7%) and Udhampur (78.9%). In the
Scotiabank to exit nine countries in Caribbean shake-up
TORONTO (Reuters) - Bank of Nova Scotia on Tuesday reported fourth-quarter earnings which were marginally below expectations and said it planned to exit nine countries in the Caribbean as part of a shake-up of that business.
Expected improvement in macros, fund inflows lift equities; IT stocks rise (Roundup)
Expected improvement in India's economic-macros due to falling crude oil prices aided the Indian equity market indices to advance for a second straight session on Tuesday.
Lift connecting Kart Road to Mall Road in Shimla to remain closed Wednesday
The lift connecting Kart Road to Mall Road here will remain closed for one more day, an official said Tuesday. The lift being run by the Himachal Pradesh Tourism Development Corporation (HPTDC) will remain closed on Wednesday due to ongoing construction work of a new lift adjacent to the old one, the official added. According to HPTDC Managing Director (MD) Kumad Singh, the construction work of the new lift is on the verge of completion and will be inaugurated by Chief Minister Jai Ram Thakur on November 29. So the decision to close the old lift till the inauguration of the new one was taken, she said. The process of final installation and testing of the equipments is in progress. In order to safeguard the interests of general public and smooth completion of the work, it has been decided that the existing lift shall remain closed till the inauguration of the new lift, she added. This decision was taken to avoid any untoward incident, Singh said, adding that the general public would ...
Wall Street set to open lower on Trump tariff threat
(Reuters) - Wall Street was set to open lower on Tuesday after President Donald Trump said he would move ahead with more tariffs on Chinese goods, dampening optimism of resolving the ongoing trade spat at the upcoming G20 Summit.
Prabhu asks FinMin to relieve credit crunch for exporters
Commerce Minister Suresh Prabhu on Tuesday said he has taken up the issue of the credit crunch facing exporters with the Finance Ministry along with the request to ensure adequate availability of funds to them.
Alka Mittal takes charge as Director (HR) of ONGC
Alka Mittal Tuesday became the first full-time woman director of India's biggest oil and gas producer ONGC, the company said. Mittal -- a post graduate in economics, an MBA in HR management and a doctorate in commerce and business studies -- took over as the Director (HR) of Oil and Natural Gas Corp (ONGC) Tuesday, a company statement said here. "Prior to joining as Director (HR), Mittal held the post of Chief Skill Develoment (CSD) of the company," it said. Mittal is the first full-time woman director on the board of ONGC. She joined ONGC as a graduate trainee in 1985 and had previously worked as Head CSR at the corporate office. She is on the board of ONGC Mangalore Petrochemicals Limited (OMPL) as ONGC nominee director since August 2015. Previously, she headed the HR functions in various capacities across regions including Vadodara, Mumbai, Delhi and Jorhat and was also the Head of Corporate Communications, Delhi in 2009. "She has a special penchant for training and mentoring and ..
Parliamentary panel asks Patel to respond on RBI autonomy, reserves
Appearing before the Parliamentary Standing Committee on Finance, RBI Governor Urjit Patel on Tuesday said that the effect of demonetisation was temporary while he will respond to issues related to the RBI's autonomy and reserves in the next 10 to 15 days in the midst of differences with the government.
NIB offers Euro 20 mn credit for India
The Nordic Investment Bank (NIB) and Srei Equipment Finance Limited has launched a loan programme in India for financing the acquisition or leasing of industrial equipment designed or produced in the NIB's member countries, Srei said on Tuesday. The NIB is an international financial institution owned by eight member countries - Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. The new loan programme totals Euro 20 million and has a maturity of eight years. The funds from the programme will be used to finance acquisitions and leasing of industrial equipment designed or supplied by equipment manufacturers in NIB's member countries to Indian enterprises, Srei said in a statement. "The construction sector in India has been experiencing significant growth over the past few years, and with it, the demand for equipment leasing has gone up. The loan facility agreed by SEFL
Arvind invests Rs 350 cr in Gujarat garment hub
Textile-to-retail conglomerate Arvind has invested Rs 350 crore in developing a manufacturing hub in Gujarat with three garment facilities that can push up its revenues by Rs 1,000 crore. Two of the facilities were inaugurated on Tuesday by Gujarat chief minister Vijay Rupani and the third one is expected to commence operations over the next few weeks. They will add a capacity of 3 million garments a month to the company's current operations. These large-scale facilities will employ 12,000 people as operations reach optimal capacity and many more ancillary jobs are expected to be created around them. "These manufacturing facilities, set up with an investment of Rs 350 crore, will further strengthen Arvind's position in the global textiles and garmenting market as an integrated fibre-to-fashion provider and solutions provider to global retailers and brands," its chairman and managing director Sanjay Lalbhai said. Arvind also plans to invest Rs 500 crore per annum for the
Gold hits one-week low as dollar gains on Trump tariffs stance
BENGALURU (Reuters) - Gold steadied on Tuesday after touching a one-week low as the dollar rallied on U.S. President Donald Trump's threats of higher tariffs on all imports from China.
India, Russia to increase cooperation in AI, blockchain system
India and Russia Tuesday agreed to increase cooperation in the field of Artificial Intelligence (AI), blockchain system, and explore the possibility of joint work in healthcare, an official statement said. The two sides also decided to increase cooperation in the field of tourism, digital front, financial technology and quantum computing. "Both sides agreed to explore joint working arrangements and pilot projects in healthcare, proposed setting up of a single-window clearance," said the statement issued after the first India-Russia Strategic Economic Dialogue at St Petersburg. The two nations also agreed on tourism being a valuable tool for increasing people-to-people contact and economic cooperation. The dialogue was led by Niti Aayog Vice Chairman Rajiv Kumar and Minister of Economic Development of the Russian Federation Maxim Oreshkin. According to the statement, the dialogue focussed on five core areas - transport infrastructure, agriculture and agro-processing sector, small &
Amazon in advance stage to buy stake in Future Retail
Online retailer Amazon is in advanced stage of talks to buy around 9.5 per cent stake in Kishore Biyani-led Future Retail, according to sources. A final shape to an agreement between the two parties is expected to take place within the next 10 days, the sources said although in case of last minute hurdles the deal could be announced as late as January 2019. When contacted, Amazon declined to comment while messages sent to Future Group founder and Group CEO Kishore Biyani remained unanswered by the time of filing story. According to a media report, the Amazon-Future Group deal is initially estimated to be around Rs 2,000 crore executed under foreign portfolio investor (FPI). The agreement could also include Amazon buying out Biyani and promoter group's entire holding in future subject to applicable regulations in India. As of September 2018, promoter and promoter group had 46.51 per cent share of Future Retail Ltd, which operates hypermarket and supermarket under brands which include- .
India endorses Blue Economy in sustainable, people-centric manner: Gadkari
Union Minister for Road Transport and Highways Nitin Gadkari on Tuesday said that 'Blue Economy' is very crucial for India's economic development, adding that India endorses the growth of the Blue Economy in a sustainable, inclusive and people-centric manner through the framework of the Indian Ocean Rim Association (IORA).The Union Minister left for Nairobi today to attend the Sustainable Blue Economy Conference being organised by Kenya, with Canada and Japan as co-hosts. Gadkari will address the conference on November 28."This conference is going to give a new vision for the development of inland waterways and coastal shipping and will also give a boost to the 'Blue Economy' particularly around India's seas," Gadkari said.He said that India is developing its maritime infrastructure as well as its inland waterways and coastal shipping through the launch of the ambitious 'Sagarmala' programme which will revolutionise maritime logistics and port-led developments in the country. The ...