Page 1723 - Business Finance
HEG to buyback 3.41% equity shares worth Rs 750 cr
Graphite electrodes manufacturer HEG's board has approved a buyback of 3.41 per cent of the company's equity shares worth Rs 750 crore.
Cyber Monday set to become record U.S. online shopping day
(Reuters) - Cyber Monday was on track to bring in a record $7.8 billion in U.S. online sales, but will also test the limits of retailers' e-commerce operations as millions of shoppers scour for steep discounts on everything from Lego sets to big-screen TVs.
Non-graduate CAs now eligible to become registered valuers: ICAI
Non-graduate chartered accountants with three years of experience can now become registered valuers, with the Ministry of Corporate Affairs amending the rules in this regard. Previously a CA having three years of post-qualification experience and qualified as a graduate was allowed to become a registered valuer. "Now, a chartered accountant is not required to be a graduate to become a registered valuer. "It was informed to the Ministry of Corporate Affairs that the chartered accountancy course that has been approved by the government, allows a 10+2 student to enroll for chartered accountancy course. It does not mandate a student to be a graduate for enrolling in the course. Hence, a CA may or may not be a graduate," ICAI said in a release. A registered valuer is required to carry out valuation of assets, net worth of a firm or its liabilities as required under the Companies Act, 2013.
RBI eases hedging rules for external commercial borrowing
MUMBAI (Reuters) - The Reserve Bank of India (RBI) on Monday partially eased a requirement for companies to hedge dollars while raising funds from overseas markets - a move that will encourage companies to raise funds offshore and reduce demand for dollars in the domestic market.
India welcomes release of joint communication on EU's vision
India on Monday welcomed the release of the Joint Communication by the European Commission on India-EU partnership and said that it refers to the country as an emerging global power that plays a key role in the current multi-polar world and is a factor of stability in a complex region.
Wall Street regains stride after two weeks on holiday shopping optimism
(Reuters) - U.S. stocks rebounded on Monday after two bruising weeks, as investors bought into beaten down sectors such as energy and financials, while retailers gained on hopes of blockbuster sales on the largest online shopping day of the year.
Healthy response for monetisation of securities services business: IL&FS
Debt-ridden IL&FS on Monday said it has received over a dozen 'Expressions Of Interest' (EOI) towards acquiring its stake in IL&FS Securities Services Ltd. (ISSL) and ISSL Settlement and Transaction Services Ltd. (ISTSL).
Portal for affordable credit & interest subvention access launched
The Ministry of Housing and Urban Affairs on Monday launched 'PaiSA' -- a centralised electronic platform for processing interest subvention on bank loans to beneficiaries under Deendayal Antyodaya Yojana - National Urban Livelihoods Mission (DAY-NULM).
Web check-in fee charged by airlines under scanner: Ministry
The central government on Monday said it is going into the issue of some airlines charging a fee for advance seat selection through web check-in.
World stocks, euro rise on politics and retail signals
NEW YORK (Reuters) - U.S. stocks rose on Monday, fueled by gains in retailer shares during a prime holiday shopping period, while European stocks rallied after signs that Italy was preparing to rework the spending plans that have fueled tensions with the European Union.
GM to slash jobs and production, cancel some car models
DETROIT/WASHINGTON (Reuters) - General Motors Co said on Monday it will cut production of slow-selling models and slash its North American workforce in the face of a stagnant market for traditional gas-powered sedans, shifting more investment to electric and autonomous vehicles.
WTO's quarterly indicator suggests trade growth slowing further in fourth quarter
GENEVA (Reuters) - Global growth in merchandise trade is likely to slow further this quarter, the World Trade Organization (WTO) said on Monday, as it published a quarterly indicator showing declines in all seven of the drivers of trade that it tracks.
Oil breaks above $60, but doubts about growth curb gains
NEW YORK (Reuters) - Oil prices rose about three percent on Monday, clawing back some of the previous session's steep losses, although uncertainty over global economic growth and further signs of increasing supply put a cap on gains.
Brazil economy bounces back from strike; strength may be fleeting
BRASILIA (Reuters) - Record-low interest rates and a one-off windfall from the release of pent-up worker savings funds likely helped Brazil's economy bounce back strongly in the third quarter after a nationwide truckers' strike disrupted production earlier in the year, a Reuters poll showed.
GM to slash 14,700 jobs in North America
General Motors will lay off 14,700 factory and white-collar workers in North America and put five plants up for possible closure as it restructures to cut costs and focus more on autonomous and electric vehicles. The reduction includes 8,100 white-collar workers, some of whom will take buyouts and others who will be laid off. Most of the affected factories build cars that won't be sold in the US after next year. They could close or they could get different vehicles to build. They will be part of contract talks with the United Auto Workers union next year. Plants without products include assembly plants in Detroit; Lordstown, Ohio; and Oshawa, Ontario. Also affected are transmission factories in Warren, Michigan, as well as Baltimore. More than 6,000 factory workers could lose jobs in the US and Canada, although some could transfer to truck and SUV plants. GM, the largest automaker in the US and includes the Chevrolet, Buick, Cadillac and GMC brands, said the moves will save USD 6 ...
Demonstrators demand adequate supply of coal to Odisha
A large number of people from western Odisha staged a demonstration here on Monday demanding adequate supply of coal to industries within the state to save them from being shut. People belonging to different spheres of life from places like Jharsuguda, Sundargarh and Sambalpur gathered near Master Canteen Square under the banner of "Bisthapit Sachetan Samiti" (BSS) to press their demand. The demonstrators, led by Congress leader and MLA from Jharsuguda, Naba Kishore Das, who is also Convener of the Samiti, also sent a memorandum to the Coal Minister highlighting their demands. The slogan shouting demonstrators held placards with messages like "Odisha's coal - our right", "Provide coal and save industries" and "Odisha's coal for Odisha's progress." Das demanded that coal produced in Odisha should be utilised in the state first and requirement of local industries which are the backbone of socio-economic development must be met. The memorandum emphasised the need to ...
RBI cuts mandatory hedging to 70% for foreign loans
Further easing the External Commercial Borrowing (ECB) norms, the Reserve Bank of India (RBI) on Monday reduced the mandatory hedging provision to 70 per cent from 100 per cent.
Wall Street rises on gains in retailers as Cyber Monday begins
(Reuters) - U.S. stocks gained on Monday, helped by shares of retailers on expectations of blockbuster sales on the largest online shopping day of the year, and as technology shares rose after taking a beating last week.
Indian firms raise Rs 36,176 cr in October
Indian firms raised funds worth Rs 36,176 crore by issuing securities on public and private placement basis during October, registering a decline of 17 per cent from the preceding month. In September, the firms had mobilised Rs 43,915 crore. According to the latest data available with Securities and Exchange Board of India (Sebi), the capital garnered by the companies through public issue stood at Rs 638 crore which witnessed a steep fall from Rs 8,701 crore raised during the last month. However, fund raising from private placement saw a meagre increase to Rs 35,538 crore from September, when it stood at Rs 35,214 crore. Among the public issue, initial public offerings (IPOs) contributed Rs 525 crore, while debt issue was the highest contributor to Rs 31,894 crore in the private segment. Rasing funds via private placement involves sale of securities to a relatively small number of select investors. Public issue offers securities of a company to the public to garner funds.
Euro zone slowdown not enough for ECB to change course: Draghi
FRANKFURT (Reuters) - The euro zone has lost some growth momentum but this was mostly normal and not enough to derail plans by the European Central Bank to dial back stimulus further, ECB President Mario Draghi and two of his top lieutenants said on Monday.