Page 1738 - Business Finance
Oil hits lowest in a year, even as OPEC considers output cut
LONDON (Reuters) - Oil fell to its lowest level in more than a year on Friday on continued concerns about a rising global surplus, even as producers considered cutting output to curb supply.
Vodafone Idea to pare 16,000 distributors, 2,000 branded stores this fiscal
Vodafone Idea is in the process of reducing the number of its distributors by 16,000 and branded stores by 2,000 by the end of this fiscal, a company document said. The company plans to reduce the number of its distributors from around 43,000 to 27,000 by December. Vodafone Idea has around 6,000 branded retail stores, which it plans to cut to 4,000 by March 2019, the document said. The company also plans to reduce the number of its call centres to 38 from 82 at present by March 2019 as part of its integration plan. Vodafone Idea expects to achieve business integration by March 2021. While Vodafone Idea is the largest telecom operator in the country, it continues to be under debt burden of around Rs 1.2 lakh crore and has been losing mobile customers. The company reported a consolidated loss of Rs 4,973 crore for the September quarter in its maiden financial results after the merger. The merger of Vodafone India with Idea Cellular was completed on August 31.
Wall Street slips at open as oil prices hit year low
(Reuters) - U.S. stocks fell at open on Friday as energy stocks took a hit from oil prices sliding to their lowest in more than a year, while investors were nervous ahead of U.S.-China trade talks at the G20 summit next week.
HAL subsidiary delivers helicopter structures for ALH Dhruv
The state-owned aerospace and defence company Hindustan Aeronautics Limited's (HAL) Helicopter Division on Friday received the first batch of helicopter structures and sub-assemblies manufactured by its subsidiary, the Naini Aerospace Limited (NAeL), Prayagraj for Advanced Light Helicopter or Dhruv.The 'Certificate of Conformity' of sub-assemblies and bottom structure assembly was formally handed over in Naini.Speaking on the occasion, VM Chamola, Director (HR)-HAL and Chairman (NAeL) hailed the efforts of NAeL employees in acquiring skills in the difficult domain of manufacturing of aero-structures."With the handing-over of helicopter structures, NAeL has now developed capabilities in the field of aero-structures apart from aircraft loom manufacturing," Chamola said.The Executive Director of the Helicopter Division-Hal, V Natarajan received the documents from the Chief Executive Officer (CEO) of NAeL, RK Mishra. A jig-out of bottom structures of ALH was performed by GVS Bhaskar, ...
Government working on gold policy, gold council: Prabhu
The government would soon bring out an integrated gold policy and set up a domestic gold council to promote growth in the sector, Commerce Minister Suresh Prabhu said on Friday.
17,000 youths to get govt job in Sikkim this year : Chamling
The Sikkim government will provide employment to 17,000 youths this year under the first phase of the One Family One Job programme, Chief Minister Pawan Kumar Chamling announced on Friday. Only genuine people should get the benefit and public representatives should submit the youths' names only after thorough scrutiny, he said making the announcement at the state-level Panchayat and Organic Growers Sammelan at Saramsa Garden near here. Chamling had mooted the welfare scheme on November 14 to ensure financial security of the people of the Himalayan state and had said that the policy decision will come into effect in letter and spirit by December to enable the first lot of beneficiaries to join work from January 2, 2019. He assured the meeting that all ad-hoc and master roll workers will be regularized in phase-wise manner. The chief minister said that the government will give priority to ad-hoc teachers in any interview based on their experience and other criteria to the .
Wall Street set to open lower as oil slides
(Reuters) - Wall Street was set to open lower on Friday as energy stocks took a hit from oil prices sliding to their lowest in more than a year, while investors were nervous ahead of U.S.-China trade talks at the G20 summit next week.
Analysis: Would market shock force UK parliament's hand on Brexit?
LONDON (Reuters) - There's nothing like a market crash to focus the minds of politicians, and Prime Minister Theresa May could find that only a plunge in British asset prices can persuade a divided parliament to back her Brexit deal.
Shock decline in vehicle sales hit dealers this Diwali
An "unexpected de-growth" during the festival season this year has shocked the automobile industry with consumers "postponing" purchase of both two and four-wheelers, a top industry official said here on Friday.
Oil prices hit year low; OPEC considers output cut
LONDON (Reuters) - Oil prices fell to their lowest in more than a year on Friday, on course for their biggest one-month decline since late 2014, even as oil producers considered cutting production to try to stem a rising global surplus.
ABB signs potential $1.9 billion deal for Power Grids products in China
ZURICH (Reuters) - ABB's Power Grids business has signed deals that could be worth around $1.9 billion to supply power transmission equipment to utility companies in China, a person familiar with the situation said.
Gold slips slightly as dollar, European stocks gain
(Reuters) - Gold fell on Friday as the dollar regained momentum and an improvement in risk sentiment lifted stock markets in Europe.
Demonetisation, GST cost economy Rs 4.75 lakh cr: Mitra
Demonetisation and faulty implementation of the GST have caused a loss of Rs 4.75 lakh crore to the country's economy, West Bengal Finance Minister Amit Mitra said Friday. He also criticised the Centre's initiative to extend up to Rs 1 crore loan to micro, small and medium enterprises (MSMEs) in 59-minutes, saying it was just a gimmick and he has not come across anyone who has received a loan through the portal. As a result of the faulty implementation of the Goods and Services Tax (GST), the states earned Rs 78,929 crore less revenue since July 2017, which has been compensated by the Centre as per compensation law of the new indirect tax regime, he said. "The government at Centre believes in chest thumping, hit and miss decision making, disastrous decision making and failure decision making ... There is an economic uncertainty in the minds of small businesses," Mitra said addressing a press conference at the India International Trade Fair (IITF) here. Speaking about demonetisation of
New York benchmark oil price plunges five percent
Oil prices extended a sharp plunge Friday, with New York's key WTI contract diving more than five percent on fears of a global supply glut. About 1310 GMT, WTI for delivery in January was down 5.3 per cent at USD 51.74 per barrel. Oil's other main contract, Brent North Sea crude, tumbled 3.3 per cent to USD 60.53 per barrel.
Bajaj Auto launches KTM 200 Duke with ABS
Bajaj Auto, which owns 49 per cent in Austrian sports bike brand KTM, Friday launched the ABS version of KTM 200 Duke, priced at Rs 1.60 lakh (ex-showroom Delhi). The non-ABS variant of the KTM 200 Duke will continue to be available at a price of Rs 1.51 lakh (ex-showroom Delhi), the company said in a release. "With the addition of ABS our customers will now have choice of both ABS and non-ABS versions across 450 exclusive KTM showrooms in India," said Amit Nandi, president (Probiking) at Bajaj Auto. KTM is the largest motorcycle brand in the Europe, in which the Pune-based two-wheel major picked a little over 49 per cent in the company in 2008. Bajaj Auto rolled out KTM brands in 2012. ************************** Augmont joins hands with Paytm to boost reach of digi-gold * Bullion trading company Augmont on Friday said it has partnered with Paytm for online distribution of gold and gold products. "We have led the way to superior quality, solid delivery and ...
'Consolidation in Indian mutual fund industry may not happen'
Mergers and consolidation may not happen in the mutual fund industry after the market regulator directed reclassification of various schemes, according to a senior official of the Mumbai-based PPFAS Mutual Fund.
Online surge, lines mark start of Black Friday sales
NEW YORK (Reuters) - U.S. shoppers desperate for deals banged on doors and formed long queues at checkout counters on Black Friday, as a strong economy and rising wages drove a solid start to the holiday shopping season.
'Even $1 rise in crude can inflate import bill by Rs 6,160 cr'
As India continues to be a large importer of crude oil, a change of even USD 1 per barrel will impact the country's import bill by Rs 6,160 crore, says India Ratings (Ind-Ra). According to the ratings agency, if the organisation of the petroleum exporting countries (OPEC) and its allies decide to hold their supply, oil prices are likely to rebound. "This will increase India's import bill as it meets over 80 per cent of its demand through imports, and a change of even USD 1 per barrel will impact the country's import bill by Rs 6,160 crore," it said. According to Ind-Ra, Brent crude oil price, the global benchmark for crude prices, continued its upward trajectory to hit a four-year high of USD 86.07 per barrel on October 4 this year, as the market grappled with the expected loss of oil supply from sanction-hit Iran. From mid-October 2018, however, an increase in supply led to a gradual decline in brent crude oil prices. Furthermore, the US waived off such sanctions on ...
Few takers for model agricultural land leasing law: NITI Aayog
Only a handful of states of the country have started working to enact a model agricultural land leasing law for better utilisation of assets in rural areas, the NITI Aayog said on Friday. The policy think tank of the central government came up with a law in this regard in 2016, but till now it had not found many takers, NITI Aayog Additional Secretary Yaduvendra Mathur said. Only a few states such as Uttar Pradesh, Madhya Pradesh, Rajasthan and Telangana have made moves to amend their laws in this regard, Mathur said. "It is a state subject, not a central subject and we can only recommend," he told reporters on the sidelines of the 12th Environment Partnership Summit organised by the Indian Chambers of Commerce here. The Niti Aayog came up with the Model Agricultural Land Leasing Act, 2016 to permit and facilitate leasing of agricultural land to improve access to land by landless and marginal farmers. The law also has provisions for recognition of farmers cultivating on
Oil prices hit year low as OPEC considers output cut
LONDON (Reuters) - Oil prices fell to their lowest in more than a year on Friday, on course for their biggest one-month decline since late 2014, even as oil producers considered cutting production to try to stem a rising global surplus.