Page 1751 - Business Finance
Crisil lowers execution forecast for NHAI projects for FY19
Ratings agency Crisil Thursday said it has lowered its execution forecast for NHAI projects for the ongoing fiscal to 3,6003,800 km from the earlier anticipated 4,300 km. "We estimate around 800 km of execution is at risk this fiscal because many hybrid annuity model (HAM) projects are still awaiting appointed dates seven months after they were awarded," Crisil Research said in its latest report. Under HAM, 40 per cent of the capital cost is paid during construction period and balance 60 per cent is paid as quarterly annuity over a period of 15 years. "Construction of at least 800 km highways could be at risk this fiscal, which can clip the average to 9.9-10.4 km/day," the report said. Crisil Research analysed 40 HAM projects amounting to 1,913 km awarded by the National Highways Authority of India (NHAI) in FY18. In all, 3,400 km of HAM projects were awarded last fiscal. "Our analysis indicates many have achieved financial closure, but most of them are still awaiting appointed dates .
Emerging market fashion ecommerce group preparing IPO - report
BERLIN (Reuters) - Global Fashion Group (GFG), the emerging markets online fashion retailer set up by German ecommerce investor Rocket Internet and Sweden's Kinnevik, is planning a stock market flotation, a magazine reported on Thursday.
IGIA passenger fee increase to have minimal material impact: Experts
The increase in passenger usage charge at the Indira Gandhi International Airport (IGIA) from December 1, 2018 will not have any material impact on the air fares or passenger traffic, industry experts said on Thursday.
ECB policymakers keen at October meeting to affirm plan to cut stimulus - minutes
FRANKFURT (Reuters) - European Central Bank policymakers stressed at their meeting in October the need to reaffirm plans to dial back monetary stimulus even as some saw growing risks to the economy, minutes showed on Thursday.
Investors bullish on K'taka, perception of investment slow down in Cong-JD(S) regime false: George
Investors are bullish on Karnataka and multinational companies are putting in money in various sectors, the state's Industries Minister K J George said Thursday as he rubbished perception that investments have slowed down since the Congress-JD(S) coalition came to power in May. Emphasising that propaganda of slow down in investments into the state are being done for "vested reasons", George said that Karnataka continues to be a top destination in terms of attracting investments. "There is no such perception. It is false. Some people are indulging in such kind of propaganda against Karnataka because of vested reasons," George told PTI in an exclusive interview here. George, who also holds the IT portfolio, was responding to a query about perception that investments into the state are on the decline due to allegedly shaky coalition government in the state. Several global companies have shown interest to invest in various parts of Karnataka and the government is working with them closely
HNA's Deer Jet says 'Dream Jet' has attracted interest from foreign governments, Middle East buyers
BEIJING (Reuters) - A luxurious "Dream Jet" put up for sale by China's HNA Group has attracted interest from foreign governments and wealthy Middle Eastern investors but the high price is making it tough to sell, the chairman of HNA's private Deer Jet unit said.
France seeks European battery deal as electric car growth accelerates
PARIS (Reuters) - France called on Thursday for European battery manufacturers and carmakers to create a consortium able to meet the growing demand for electric vehicles and compete with dominant Asian producers.
Nissan board sacks Ghosn as chairman: media
Nissan board members have sacked disgraced Carlos Ghosn as chairman, local media reported on Thursday, following marathon talks over the future of the once-revered tycoon. Public broadcaster NHK and business daily Nikkei both said the seven-member board had decided to remove the 64-year-old from the top of the firm he has led for almost two decades.
BP to invest $1 billion in South Africa, including refinery upgrade
CAPE TOWN (Reuters) - BP Southern Africa (BPSA) will invest $1 billion in South Africa in the next five years with more than a quarter of that set aside to upgrade the SAPREF refinery to produce lower sulphur diesel, its chief executive said on Thursday.
Strides board approves USD 15 mn investment in Stelis Biopharma
Strides Pharma Science Thursday said its board has approved plans to invest another USD 15 million in its biotech arm Stelis Biopharma. The company's board has approved participation in the Series B fundraiser of Stelis Biopharma with a commitment of USD 15 million, Strides Pharma Science said in a regulatory filing. The first close of the current fund raise is USD 35 million, of which Strides will commit USD 15 million and USD 20 million is from other existing shareholders, it added. Stelis intends to raise a total of USD 100 million through the fund raising activity. Strides currently owns 36.25 per cent stake in Stelis. "With the first close of Series B, Stelis would have raised an equity capital of USD 114 million of which Strides would have invested USD 37 million for an effective ownership of 38 per cent," the company said. Strides Pharma shares Thursday ended 1.86 per cent down at Rs 450.30 apiece on the BSE.
BoB board to consider allotment of shares to staff next week
Bank of Baroda (BoB) Thursday said its board will meet next week to consider allotment of fresh shares under the employee stock purchase scheme. "The board of directors of the bank is scheduled to meet on November 29, 2018 to consider and approve issuance of fresh equity shares to its employees under Sebi (Share Based Employee Benefits) Regulations, 2014," BoB said in a regulatory filing. The government in March 2017 had allowed public sector banks to offer stock options to their employees in order to retain experienced hands. The scheme also aims at providing better incentives besides being a means of capital raise. Allahabad Bank has raised nearly Rs 236 crore in its maiden Employee Share Purchase Scheme (ESPS). United Bank completed the issue of around 5 crore fresh shares to employees under the scheme on August 31, 2018. PNB will offer 10 crore shares under the scheme while Canara Bank will issue up to 6 crore equity shares to its staff to raise up to Rs 1,000 crore under ...
UAE's Finablr hires banks for IPO, listing in London - sources
ABU DHABI/LONDON (Reuters) - United Arab Emirates-based payments and foreign exchange company Finablr has hired JP Morgan and Barclays as global coordinators for its listing in the first half of 2019 on the London Stock Exchange, three sources told Reuters.
Nissan board fires chairman Carlos Ghosn - NHK
TOKYO (Reuters) - Nissan's board ousted Chairman Carlos Ghosn on Thursday after the shock arrest of the industry heavyweight, Japanese broadcaster NHK reported without citing sources, ushering in a period of uncertainty for its 19-year alliance with Renault.
Renault board urged Nissan to postpone Ghosn removal - sources
PARIS/TOKYO (Reuters) - Renault's board had urged Nissan's board before its meeting on Thursday to delay removing Carlos Ghosn from his position as chairman, sources familiar with the matter told Reuters.
AU Small Finance Bank plans to raise Rs 500 cr via bonds
Au Small Finance Bank Thursday said it will raise Rs 500 crore by issuing bonds in one or more tranches. The Board of Directors at their meeting held on Thursday, November 22, 2018 has considered and approved to augment the capital, the bank said in a regulatory filing. The money will be raised by issuing Basel II compliant, Tier II, non-convertible redeemable bonds, being classified as subordinated debt in one or more tranches up to Rs 500 crore, including green shoe option, it said. Stock of AU Small Finance Bank closed 0.11 per cent down at Rs 588.80 on the BSE.
Ramkrishna Group commenced its new display centre and corporate office in Mumbai
Ichalkaranji's largest weaver and quality fabric manufacturers Ramkrishna (Jhanwar) Group (RK) commenced its new display centre and corporate office at A to Z Industrial Estate, Lower Parel, Mumbai.It was inaugurated on 21st November 2018 by Padma Vibhushan Pujya Jagadguru Ramanandacharya Swamiji Shree Rambhadracharyaji and Visionary Mr. Dilip Gaur, Managing Director of Grasim Industries Ltd.Deendayal Jhanwar, Managing Director of Ramkrishna (Jhanwar) Group informed that, "For 'Ultrafine Luxury Cotton Fabric Made with Giza Cotton in 232's Double Yarn', we are the only weaver in decentralized sector to manufacture it for the first time in India. We can state that it is 'Cotton in Silk Like Fineness & Luxury Like Never Seen Before'. This has boosted our export and opened doors of entry to the Elite Premium Fashion Brands in the World."Ramkrishna (Jhanwar) Group is having a product range from 40 gsm to 300 gsm with more than 3500 varieties of fabrics in 100% cotton and multi fibre ...
Abu Dhabi's IPIC files lawsuit against Goldman Sachs, others over 1MDB case
ABU DHABI (Reuters) - Abu Dhabi's International Petroleum Investment Co (IPIC) said on Wednesday it had filed a lawsuit against U.S. investment bank Goldman Sachs and others to recover losses suffered through its dealings with Malaysian state fund 1MDB.
France's Total to buy businesses from Brazil's Grupo Zema
PARIS (Reuters) - French energy group Total has agreed to buy some businesses of Brazil's Grupo Zema to expand in the biofuels sector.
China rejects US hacking report ahead of Trump-Xi meeting
China on Thursday rejected a US government report that accuses Beijing of stepping up efforts to steal technology ahead of a meeting between Presidents Donald Trump and Xi Jinping. The Commerce Ministry dismissed the US Trade Representative's report as "new unwarranted accusations" and said Washington was wrecking economic relations. The two sides have raised tariffs on billions of dollars of each other's goods in a fight over US complaints that Beijing steals or pressures companies to hand over technology in violation of its market-opening obligations. The USTR report said Chinese computer hacking attacks aimed at stealing American technology have increased this year while Beijing made no basic changes to policies its trading partners consider improper. "This is completely unacceptable to China," said a Commerce Ministry spokesman, Gao Feng. "We hope the US side will stop the words and deeds of destroying bilateral economic and trade relations." Gao called on Washington to "create ...
Kovind invites Australians to benefit from India's growth story
President Ram Nath Kovind on Thursday invited Australian companies and investors to step up their business with India taking advantage of the growing opportunities and the conducive atmosphere.