Page 1761 - Business Finance
Railways to float fresh global tender for 4.5 lakh MT rails worth Rs 2700 crore
The railways will float a fresh global tender for the supply of 4.5 lakh metric ton of rails valued at around Rs 2,700 crore, after an earlier bid failed to take off. This comes after the national transporter placed a developmental order of Rs 536 crore for one lakh tonne of rails to Jindal Steel and Power (JSPL) as part of a global tender. However, the remaining bidders, including Sumitomo Corporation, Angang Group International, Voestalpine Schienen, East Metals, CRM Hong Kong, British Steel France Rail and Atlantic Steel, were edged out since they did not meet the criteria set by the railways. "We will float a fresh global tender soon as we are yet to meet the shortfall of rails from SAIL," said a senior official of the railways. The requirement of rails for Indian Railways for 2018-2019 is around 16.66 lakh metric ton, while SAIL will be able to provide only about 10 lakh metric ton, the official said. While for the year 2017-2018, the requirement was of 14.59 lakh metric ton, ...
Brussels rejects Italy budget, paves way for sanctions
Brussels officially rejected Italy's big-spending budget on Wednesday, clearing the path for unprecedented sanctions and deepening a bitter row with Rome's populist government. The conclusion by the European Commission, the EU's executive arm, was harsh but expected, coming just weeks after it had sent back Italy's 2019 budget, in a historic first for the bloc. Italy refused to back down after the Brussels ultimatum, setting the stage for Wednesday's final opinion that deplored "a marked backtracking" by Rome on past reforms. "With what the Italian government has put on the table, we see a risk of the country sleepwalking into instability," Commission Vice President Valdis Dombrovskis told a press conference in Brussels. "We conclude that the opening of a debt-based excessive deficit procedure is... warranted," he added, referring to the EU's official process to punish member states for over-spending. The coalition government, made up of Salvini's League and anti-establishment Five ...
Sensex, Nifty slip on global sell-off; IT shares plunge (Roundup)
India's benchmark indices fell for a second straight day on Wednesday, tailing global peers and led by a slump in software exporters.
Satcom policy needs revision as 5G, IoT arrive: Sundararajan
India's satellite communications (satcom) policy needs to be revised with the arrival of 5G connectivity and Internet of Things (IoT), said the Secretary for Department of Telecommunications (DoT) Aruna Sundararajan on Wednesday.
NRL gives interim dividend cheque of Rs 49.95 cr to Assam govt
The Numaligarh Refinery Limited (NRL) presented the first interim dividend cheque of Rs 49.95 crore for the current financial year to the Assam government on Wednesday. The cheque was handed over to Assam Chief Minister Sarbananda Sonowal by NRL Managing Director S K Barua in the presence of senior officials of the refinery here, a company release said. The interim dividend, against the government's equity holding of 12.35 per cent, has been worked out based on the performance of the company during the first six months of the current financial year.
U.S. core capital goods orders unchanged; shipments rise
New orders for key U.S.-made capital goods were unexpectedly unchanged in October and shipments rebounded modestly, which could temper expectations of an acceleration in business spending on equipment early in the fourth quarter.
Apple supplier Foxconn seeks to cut costs in 2019 - Bloomberg
(Reuters) - Apple Inc's biggest iPhone assembler Foxconn aims to cut 20 billion yuan ($2.88 billion) from expenses in 2019 as the company faces "a very difficult and competitive year", Bloomberg reported on Wednesday, citing an internal memo.
IIMC Innovation Park, ICC signs MoU to promote startups
IIM Calcutta Innovation Park and Indian Chamber of Commerce(ICC) Wednesday signed a MoU for energising the startup ecosystem in East and Northeast India. The MoU will bring incubator and industry toghether in a more formal way, IIMC Innovation Park CEO Subhrangshu Sanyal said. "We have certain strength while ICC has wide industry connect which will help us a lot to promote the startups whom we are incubating," he said. ICC Director General Rajeev Singh said the eastern and north eastern region need greater attention in the startup growth story of the country and the chamber can offer a platform for market linkage for the startups and promote their products and services. "The start-ups would hugely benefit from the opportunities for mentoring and industry connect. We hope this initiative would be a game changer for the start-up movement in East and Northeast India," he said. Singh said ICC is currently working on a new program that aims to offer all key services under a ..
Trump thanks Saudi Arabia for lower oil prices
US President Donald Trump thanked Saudi Arabia Wednesday for lower oil prices -- a day after pledging the US would remain a "steadfast partner" of the kingdom despite the murder of a dissident journalist. "Oil prices getting lower. Great! Like a big Tax Cut for America and the World. Enjoy! $54, was just $82," he tweeted. "Thank you to Saudi Arabia, but let's go lower!" The remarks came a day after Trump linked his decision to continue backing the petro-state -- despite Crown Prince Mohammed bin Salman's alleged involvement Jamal Khashoggi's death -- to his desire to keep oil prices low. "If we broke with them, I think your oil prices would go through the roof. I've kept them down," he told reporters at the White House. "They've helped me keep them down. Right now we have low oil prices, or relatively." Oil recovered slightly on Wednesday after slumping more than six per cent, with traders fretting that Saudi Arabia may not deliver on planned production cuts. Trump's support for ...
Flying out of Delhi airport to be costlier from Dec 1
Passengers flying out of Delhi airport will have to pay more by shelling out Rs 77 per ticket from December 1, with regulator AERA approving revision in service charges. Currently, Rs 10 is levied on domestic tickets and Rs 45 on international tickets by the airport operator DIAL as passenger service fee. Besides, there are revisions to certain aeronautical charges, according to an order issued by the Airports Economic Regulatory Authority (AERA). The revised charges would be applicable from December 1. The hike in charges is expected to have a minimal impact on average domestic fares, experts opined. As per the order, dated November 19, the regulator has approved a rate of Rs 77 for tickets purchased with Indian rupees towards facilitation component of the Passenger Service Fee (PSF). The amount would be "USD 1.93" (around Rs 137) per ticket issued against foreign currency. "The authority decides to allow DIAL to charge the rates equivalent to BAC (Base Airport Charge) plus 10 per ..
Maruti Suzuki launches next generation MUV Ertiga
Automobile major Maruti Suzuki India on Wednesday launched the next generation of its multi-utility vehicle 'next gen Ertiga'.
AirAsia India appoints Sanjay Kumar as CCO
Budget carrier AirAsia India Wednesday announced the appointment of former IndiGo senior executive Sanjay Kumar as its chief commercial officer (CCO), effective December 3. This is the second senior-level appointment in the Bangalore-headquartered carrier in last more than one month. Last month, it had named Tata group veteran Sunil Bhaskaran as its managing director and chief executive officer. Kumar will be responsible for commercial operations and shaping next phase growth at AirAsia India,a release said. He will be reporting to Bhaskaran, it added. "I am confident that Sanjay's experience and knowledge of this sector will prove to be valuable in steering the company forward," said S Ramadorai, chairman, AirAsia India. AirAsia India is a joint venture between Tata Sons and Malaysian budget carrier AirAsia Berhad, with 51 per cent and 49 per cent stake, respectively. Kumar, who is a seasoned professional in the domestic aviation industry, has earlier worked as CCO with .
WhatsApp hires Ezetap's Abhijit Bose to be its India head
MUMBAI (Reuters) - Facebook-owned WhatsApp said on Wednesday it had hired Abhijit Bose, the co-founder and chief executive of Indian mobile payments firm Ezetap, to be the head of its operations in India, its biggest market by users.
EU moves to discipline Italy over budget, Rome stays defiant
BRUSSELS/ROME (Reuters) - The European Commission took the first step on Wednesday toward disciplining Italy over its expansionary 2019 budget after Rome refused to change it, raising the stakes in a dispute that has alarmed the whole euro zone and could eventually lead to fines.
Saba Industries to invest $100 mn in rice sector in India, Thailand
Malaysia-based Saba Industries Chairman and CEO Malini Saba on Wednesday said the privately-held company will invest $100 million in the rice sector in India and Thailand, as it plans to export the staple by partnering with local farmers.
Mitsubishi admits subsidiary shipped products without quality checks
Mitsubishi Electric said on Wednesday that its subsidiary manufacturer Tokan faked data on rubber products and shipped them without quality inspection for at least a decade.
Stock markets, oil prices rebound after rout
Stock markets and oil prices recovered slightly Wednesday after a rout, alongside warnings of renewed volatility and slower global economic growth. The world economy has peaked and faces a slowdown driven by international trade tensions and tighter monetary conditions, the Organisation for Economic Cooperation and Development warned. It comes a day after stock markets plunged as a beating for the technology sector helped wipe out all of Wall Street's Dow index 2018 gains. "Global stock market jitters have returned this week with investors growing increasingly skittish as the rout in US tech stocks, which began last month, deepens," said David Cheetham, chief market analyst at XTB trading group. "A broad basket of European shares fell to their lowest level since early 2017 yesterday and while we have seen a bounce ... the markets remain susceptible to further declines going forward." Milan's stock market meanwhile held onto gains and the euro climbed versus the dollar when Brussels, as
U.S. stock futures bounce after two-day selloff
(Reuters) - U.S. stock futures rose on Wednesday, after a brutal two-day selloff pushed the S&P 500 and the Dow Jones Industrial Average in the red for the year.
Housing finance firm DHFL's Q2 net up 52%
Housing finance company DHFL on Wednesday reported a whopping 52 per cent rise in net profit for the second quarter ending September at Rs 439 crore on the back of improved operating performance.
CGTMSE tweak norms to improve credit guarantee process
The Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), jointly set up by the government and SIDBI, has tweaked norms to improve credit guarantee process for micro and small enterprises from December 1. The CGTMSE was set up to improve fund flow to micro and small enterprises that are often unable to provide adequate collateral for taking loans from banks and other lending institutions. "With a view to improve the credit guarantee processes, it has been decided to capture key information on financial of the borrowers/units," CGTMSE said in a circular. The financial data with regard to the slabs above Rs 10 lakh has been made mandatory. However, providing data with regard to the slab between Rs 1 lakh and Rs 10 lakh is optional. The CGTMSE said modifications would be applicable to credit facilities sanctioned on or after December 1, 2018. The CGTMSE offers a 'hybrid security' product allowing guarantee cover for the portion of the credit facility not covered by ...