Page 1714 - Business Finance
H&M to close down its struggling Cheap Monday brand
STOCKHOLM (Reuters) - H&M, the world's second-biggest fashion retailer, said on Tuesday it would close down its struggling independent brand Cheap Monday.
BJP manifesto in Rajasthan promises unemployment dole of Rs 5,000 per month
The Bharatiya Janata Party in Rajasthan has promised a monthly unemployment dole of Rs 5,000 and 30,000 government jobs in five years, according to the party manifesto released on Tuesday for the ensuing Assembly elections due on December 7.
India eyes China's USD 630 mn grape import market
A group of Chinese importers is visiting India as part of New Delhi's efforts to promote Indian grapes in China and tap the country's huge market. Export of Indian grapes to China almost doubled from USD 3.5 million in 2016 to USD 6.7 million last year. However, this is just one per cent of total grapes imports in China of around USD 630 million and two per cent of India's total exports of the fruit of USD 300 million, an Indian Embassy statement said on Tuesday. In order to tap this huge market, Indian embassy in Beijing and its consulates in Guangzhou and Shanghai have taken up steps to promote Indian Grapes in China, which include organising a buyer-seller meet with support from the Agricultural and Processed Food Products Export Development Authority (APEDA), an agency under the Government of India's Department of Commerce, in Mumbai. "Around 23 importers from China and over 100 Indian exporters participated in the Buyer Seller Meet which also laid an exhibition of products by the
Sebi issues norms for interoperability among clearing corporations
With an aim to reduce trading costs, regulator Sebi Tuesday came out with a framework for interoperability among clearing corporations (CCPs), which will be operationalised by June 1, 2019. At present, different bourses have their own CCPs , which handle settlement of trades on the respective stock exchanges. The interoperability would permit trading members to clear trades through a firm of their choice instead of going through the CCP owned by the bourse on which the trade was executed. The framework comes after the Sebi board in September approved a proposal to enable interoperability among CCPs. In a circular, Sebi said, interoperability framework will be applicable to all the recognised CCPs excluding those operating in International Financial Services Centre. "All the products available for trading on the stock exchanges (except commodity derivatives) shall be made available under the interoperability framework," it added. The regulator asked stock exchanges and CCPs to "take ..
Orient Electric enters into strategic partnership with De'Longhi Group, Italy
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TFS bags contract to operate,manage F&B outlets at Goa airport
Travel Food Services (TFS), which is into travel-focused food and beverages (F&B) and retail business, has bagged master concessionaire contract for operating and managing F&B outlets at the Goa airport, a senior airport official said Tuesday. The company, which currently operates more than 280 outlets across airports, railway stations and highways, spread across 19 cities, won the mandate after competitive bidding. "TFS has won the contract as a master concessionaire for retail and food and beverages for Goa airport at a cost of Rs 3.98 crore per month," Goa airport director CH Negi told reporters in Vasco. As part of the contract, the company will revamp the existing F&B facility, he said. It will also invite reputed food and beverages brands, both domestic and international, to set up their outlets at the airport. Negi said that the company has already opened 13 outlets, adding that all the outlets, including food courts, will be operational by the ...
Sitharaman pulls up DRDO, asks it to focus more on research and development
Defence Minister Nirmala Sitharaman on Tuesday pulled up the Defence Research and Development Organization (DRDO) and asked it to focus more on Research and Development (R&D) and exploit the opportunity and support being extended by the central government.Speaking at the launch of the Mission Raksha Gyan Shakti, which aims at increasing intellectual property right (IPR) to reduce the transfer of technology and dependence on foreign companies, the defence minister said, "DRDO should focus, in fact, refocus on R&D and it should be on toes to make themselves nimble to innovations."She also called upon all stakeholders to step up, as more was "needed to be done to nurture innovation in Defence, which could be translated into a commercially viable solution."Sitharaman further said that the present ministry hierarchy should break the traditional barriers to identify, motivate and support people who are "capable to innovate, fabricate and manufacture in-house."Addressing the ...
Samsung to hire over 1,000 grads from top engineering colleges in India
Samsung India plans to hire over 1,000 graduates from top engineering colleges across the country with over 300 of them coming in from various IITs, a top company official Tuesday said. Speaking to PTI, Samsung India Head (Human Resources) Sameer Wadhawan said Samsung will visit IITs in Delhi, Kanpur, Bombay, Madras, Kharagpur, Guwahati, BHU and Roorkie, starting December 1 for hiring. He added that overall, more than 1,000 students will be hired from premium engineering colleges from across the country. Hiring process will also include the newer IITs in Hyderabad, Dhanbad, Ropar, Indore, Gandhinagar, Patna, Bhubaneswar, Mandi and Jodhpur as well as other premium engineering colleges like BITS Pilani, IIITs, NITs, Delhi Technological University (DTU), Manipal Institute of Technology, and IISc Bengaluru. Wadhawan said most of the new hires will work in cutting-edge domains of artificial intelligence, machine learning, IoT, natural language processing, camera technology and 5G ...
Neev Fund invests in Blue Planet Environmental Solutions
Waste management solutions firm Blue Planet Environmental Solutions Tuesday said State Bank of India-backed Neev Fund has made an investment in the company. The investment was made to further mandate the fund, which aims to provide capital to portfolio entities, to achieve long-term capital appreciation while promoting sustainable development, Blue Planet Environmental Solutions said in a statement. However, the company did not disclose the quantum of the investment made. "We believe that our partnership with the Neev Fund will give us additional impetus as we aggressively scale up the business in the waste management space," Blue Planet Environmental Solutions CEO and founder Prashant Singh said. Neev Fund is an infrastructure-focused private equity fund that was created as a partnership between SBI and the UK government's Department for International Development (DFID), the company said. "Blue Planet has demonstrated a unique advantage in the waste management business by ...
Gazprom Neft's thirst for oil shows Russian dilemma on OPEC pact
ORENBURG, Russia (Reuters) - In the green-to-golden steppe some 1,500 km east of Moscow, a unit of Gazprom Neft, Russia's third-biggest oil producer, is drilling hard as it eyes a production hike of 20 percent a year, developing once-forgotten and depleted fields.
Trade tensions pause world stocks rally
LONDON (Reuters) - World stock markets fought to keep a rebound alive on Tuesday after U.S. President Donald Trump seemed to quash hopes of a trade truce with China, clouding what had been a bright start to the week.
Moody's downgrades foreign currency issuer ratings of Yes Bank
At the same time, Moody's has affirmed the bank's counterparty risk assessment (CR Assessment) of Baa3(cr) / P-3(cr) and domestic and foreign currency counterparty risk rating (CRR) of Baa3/ P-3.
Gold hits one-week low as dollar gains on Trump tariff comments
BENGALURU (Reuters) - Gold hit a one-week low on Tuesday, following a rally in the dollar after U.S. President Donald Trump warned of higher tariffs on all imports from China ahead of a meeting with his counterpart Xi Jinping.
Sebi fines R S Ispat Rs 25 lakh for fraudulent trade in illiquid stock options
Sebi Tuesday slapped a penalty of Rs 25 lakh on Kolkata-based R S Ispat for indulging in non-genuine trade which created a false appearance of trading in illiquid stock options segment of BSE. In April, Sebi had announced to take action in a phased manner against 14,720 entities for 'non-genuine trades' in illiquid stock option segment. The markets regulator said adjudication proceedings have been initiated against 567 entities involved in such trades in the first phase. In an order, Sebi fined the firm for violating PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) Regulations. The Securities and Exchange Board of India (Sebi) conducted an investigation into the trading activity in illiquid stock options on BSE between April 2014 to September 2015 after observing large scale reversal of trades in the stock options. The probe found that R S Ispat was one of the various entities indulged in execution of non-genuine trades in stock options during the examination period. The ..
Fitch affirms PNB's Issuer Default Rating
Fitch Ratings Tuesday affirmed Punjab National Bank's (PNB) Issuer Default Rating and removed Viability Rating from 'Rating Watch Negative', as it feels that the lender's non-performing loans have peaked and downside risk to profitability has eased. "The removal of the VR (Viability Rating) from 'Rating Watch Negative' is based on our view that further downside to the VR is less than we had previously assessed, as we believe the non-performing loan (NPL) ratio has peaked," Fitch said. "However, profitability remains under pressure -- we believe the bank may report another loss in the financial year ending March 2019 -- but the downside risk beyond then has eased," it added. Core capitalisation also remains under pressure in light of the challenges of returning to profitability and delays in executing some capital-raising initiatives, Fitch added. The long-term IDR of PNB stands at 'BBB-' and its VR at 'b', Fitch said, while removing it from Rating Watch Negative. The outlook on the ...
Bengal handloom, handicraft products doing brisk business
Handloom and handicraft products of West Bengal, sold under brand names 'Tantuja' and 'Manjusha' respectively, have registered huge profit in the last few years and are now become profit making bodies, the state assembly was informed on Monday. Both 'Tantuja' and 'Manjusha' were state government undertakings. "Tantuja has started making operating profits from the financial year 2012-13. In 2017-18, the turnover of Tantuja was Rs 204.90 crore and profit was around Rs 10.26 crore," Mitra said in the assembly. On Manjusha, he said its turnover in 2017-18 financial year is Rs 91.04 crore and profit was Rs 5.87 crore. Coming up with new designs of sarees and products such as jackets and scarves have led to the increase in sales, he said.
Hilton's unparalleled hospitality travels from India to Europe
As destination weddings, International meetings and incentives and film shoots are gaining traction among Indians, the oldest hospitality chain, Hilton has unveiled an innovative programme for its Indian groups.Recognizing that modern India is looking for unique, personalized experiences, Hilton has launched 'Namaste", an exclusive guest offering programme, designed to deliver a truly tailored experience for groups travelling from India to Europe.With the Indian economy on a high, approximately 25 million Indian tourists currently head overseas for professional or personal reasons. Europe commands an estimated market share of about 20 percent of all Indian outbound departures.The UN World Tourism Organization (UNWTO) alone predicts that India will account for 50 million* outbound tourists by 2020. Clearly, it's a huge plus for the hospitality segment and opens an array of prospects for Hotels catering to the Indian groups segment.According to GBTA, the Global Business Travel ...
Sensex, Nifty register modest gains
Domestic stocks ended with modest gains backed by firmness in index pivotals. The barometer index, the S&P BSE Sensex, rose 159.06 points or 0.45% to settle at 35,513.14. The Nifty 50 index rose 57 points or 0.54% to settle at 10,685.60.
Quick Wrap: Nifty IT Index records a surge of 1.43%
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Sagarmala Project To Save Nearly Six Billion Dollars Per Annum In Logistics Costs
India has a strategic location in the Indian Ocean region, and on this basis, it 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). He said, 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 revolutionize maritime logistics and port led developments in the country. He further said that India's national vision about the sector is clearly articulated in the term SAGAR- Security and Growth for All in the Region coined by Prime Minister Shri Narendra Modi.