Page 1795 - Business Finance
US blacklists South African for business ties to North Korea
US authorities have accused a Russian-born citizen of South Africa of taking part in a scheme to help North Korea evade sanctions aimed at curbing its nuclear weapons program. The Treasury Department says Vladlen Amtchentev worked with Singapore-based front companies to launder millions of dollars through the US financial system on behalf of sanctioned North Korean banks. Amtchentev was placed on an international financial blacklist Monday by the Treasury Department. The action freezes any US assets Amtchentev may have and bars any US organizations from conducting financial transactions with him. The US filed criminal charges against the front companies in August 2017. Washington's intensification of sanctions against North Korea has become a sticking point in negotiations on ending its nuclear program that have appeared to stall in recent months.
Musk hints at Tesla interest in Daimler van
(Reuters) - Tesla Inc could be interested in partnering with Daimler AG's Mercedes-Benz on an electric version of its Sprinter van, Chief Executive Officer Elon Musk said in a tweet on Monday.
Bitcoin falls below USD 5,000 for first time since Oct 2017
The value of bitcoin slipped Monday below USD 5,000 for the first time since October 2017 as volatility returned to the cryptocurrency market. Data compiled by Bloomberg showed the world's most popular virtual currency losing about 10 per cent of its value from Friday evening to stand at USD 4,958.36 at 1635 GMT. It rebounded slightly to trade at USD 5,065 at 1710 GMT. The rout on the crypto market began on Wednesday and also affected widely traded currencies such as Ethereum and Ripple. Bitcoin opened trading on Wednesday at USD 6,326 and has since seen its market capitalisation fall to less than USD 100 million for the first time in over a year. The still-nascent market is not completely transparent and analysts have struggled to understand what prompted the latest selloff. Bitcoin's all-time high of USD 19,511 was recorded last year on December 18, 2017.
RBI to pump liquidity worth Rs 8,000 cr on Nov 22
The Reserve Bank of India (RBI) would inject Rs 8,000 crore into the market by purchasing government securities on November 22, 2018.
Vietnamese students enthrall President Kovind with 'Sabarmati Ke Sant' rendition
President Ram Nath Kovind, who is on a three-day official visit to Vietnam, was on Monday left delighted as a group of students from the India Studies Centre, University of Social Sciences and Humanities in Hanoi performed 'Sabarmati Ke Sant,' a song dedicated to Mahatma Gandhi.The President also tweeted out a video of "soulful rendition" of the song performed by the students saying, "Delighted to hear a soulful rendition of "Sabarmati Ke Sant" by Vietnamese students during the Indian community reception. Mahatma Gandhi's message of non-violence continues to inspire millions across the world!"Earlier in the day spouses of Embassy Staff and students of the University of Vietnam performed the iconic, "Ye Dosti Hum Nahi Todenge" from the Hindi blockbuster movie "Sholay" in the presence of President Kovind. This is President Kovind's first visit to an ASEAN country since he assumed office in 2017.In his address to the Vietnam-India Business forum, President Kovind lauded Vietnam for their
Nissan to oust Ghosn after arrest for alleged financial misconduct
YOKOHAMA, Japan (Reuters) - Nissan Motor Co Chairman Carlos Ghosn was arrested on Monday for alleged financial misconduct and will be fired from the board this week, a dramatic fall for a leader hailed for rescuing the Japanese carmaker from close to bankruptcy.
Nissan chairman held for suspected 'financial misconduct'
Carlos Ghosn, the chairman of the alliance of Nissan Motor Company, Mitsubishi Motors Corp. and Renault was on Monday arrested for allegedly violating financial laws.The Japan Times quoted sources saying that the 64-year-old was questioned by Tokyo prosecutors over suspicions of under-reporting his income.In a statement, Nissan confirmed it had been conducting internal investigations over the alleged wrongdoings by Ghosn and Representative Director Greg Kelly based on a tip-off by a whistleblower for several months. Both are tipped to be sacked from the positions they hold."The investigation showed that over many years both Ghosn and Kelly have been reporting compensation amounts in the Tokyo Stock Exchange securities report that were less than the actual amount, in order to reduce the disclosed amount of Carlos Ghosn's compensation," the statement read."Also, in regards to Ghosn, numerous other significant acts of misconduct have been uncovered, such as personal use of company ...
NBCC's Q2 net profit up 16%
State owned NBCC (India) on Monday reported a rise of 15.97 per cent rise in its net profit for the second quarter of 2018-19.
Sonia hails Manmohan, says empty boasts, vitriol not his style
In a veiled dig at Prime Minister Narendra Modi, UPA Chairperson Sonia Gandhi on Monday said that "fanciful boasts, self-promoting bombast and the language of abuse and vitriol" was not the style of Manmohan Singh who presided over the country's highest economic growth rate in his tenure as Prime Minister.
Avail new opportunities to connect and grow with India: Kovind to Indian diaspora
President Ram Nath Kovind on Monday lauded the Indian community in Vietnam for playing an important role in promoting bilateral ties and asked them to avail the new opportunities and possibilities to connect, collaborate and grow with India, which is on a transformative journey. "I encourage you to join us in this journey, as knowledge partners, as investors and as cultural ambassadors," President Kovind said at an Indian Community Reception here. He said the Indian government has undertaken path breaking economic reforms including the introduction of Goods and Services Tax that has realised the long-held dream of making India into 'One Nation, One Tax, One Market'. "Our policy measures have seen us jump 65 places in the World Bank Ease of Doing Business in the last four years," Kovind said as he invited them to visit India to attend the Pravasi Bharatiya Diwas in Varanasi scheduled for January 21-23. He also hailed India-Vietnam friendship and said, "Our people have stood by each ...
Oil slips on global supply fears even as OPEC mulls cut
NEW YORK (Reuters) - Oil futures fell about 1 percent on Monday amid global oversupply worries, but losses were muted as investors eyed potential sanctions on Iran from the European Union, a possible production cut from OPEC and slightly bullish storage drawdown in U.S. crude stocks.
Do not have power to block websites selling medicines: TN tells HC
The Tamil Nadu government Monday informed the Madras High Court that it did not have the power to block websites selling medicines in the absence of any act or regulation prohibiting such sales. Justice Pushpa Sathyanarayana was hearing a batch of petitions in favour of and against online sale of medicines. Additional Advocate General S R Rajagopalan, in a counter affidavit, said the state "does not have powers to pull out websites providing online sale of medicines in the absence of any act or regulation prohibiting such sale." "The Drugs and Cosmetics Act and rules which govern the trade is a central Act and the state has no role in amending the Act," the counter said. "This apart, the Centre has published the draft rule to regulate sale of drugs through e-pharmacy on August 28, seeking suggestions and objections from all the stakeholders," it added. This was under the central government's consideration, the additional advocate general said. "Therefore, unless there are any rules ...
YES Bank's R Chandrashekhar resigns; promoters seek board overhaul
In a third resignation from the YES Bank board, independent director Rentala Chandrashekhar Monday put in his papers, according to a regulatory filing. Besides, the private sector lender is expected to overhaul its board after receiving nod from its promoters, sources said. "We would like to inform that Rentala Chandrashekhar, Non-Executive, Independent Director has tendered his resignation from the board of directors of YES Bank on November 19, 2018 with immediate effect," the bank said in the filing. The bank cited personal reasons for Chandrashekhar's resgnation. "The Nomination & Remuneration Committee of the bank will look for a suitable replacement in the field of Information Technology & Cyber Security in terms of applicable provisions of Sebi regulations, Companies Act and RBI Act," it said further. YES Bank's Nomination & Remuneration Committee is reviewing the performance of the board members, according to the sources. Both the promoters groups of the bank, led ..
RBI's new body to look into PCA issues
The Reserve Bank of India's (RBI) Central Board on Monday decided to constitute a Board for Financial Supervision (BFS) of the Central bank to examine the framework for banks under Prompt Corrective Action (PCA).The decision was taken after the RBI's Central Board meeting here on Monday, which discussed the Basel regulatory capital framework, a restructuring scheme for stressed Micro, Small and Medium Enterprises (MSMEs), bank health under the Prompt Corrective Action (PCA) framework and the Economic Capital Framework (ECF).As per a press statement released by the Central bank after the meeting, the Board decided to constitute an expert committee to examine the ECF, the membership and terms of reference of which will be jointly determined by the Government of India and the RBI.In another major decision, the Board also advised that the RBI should consider a scheme for the restructuring of stressed standard assets of MSME borrowers with aggregate credit facilities of up to Rs 250 ...
Wall Street hit by Apple slide, trade woes
(Reuters) - U.S. stocks fell on Monday, as a slide in Apple's shares on concerns about iPhone demand hit its suppliers and the technology sector, with mixed signals over the state of play between the United States and China on trade dispute adding to the weakness.
RBI to set up panel to review its economic capital framework
The RBI board on Monday decided to form an expert committee to examine the economic capital framework of the central bank, which will decide the amount of reserves it can maintain, handing over the balance to the government.
India seeks more cooperation with Vietnam in four key sectors
President Ram Nath Kovind on Monday called for more cooperation between India and Vietnam in the areas of agriculture, pharmaceuticals, textiles and IT.
Manmohan cautions against argument that development requires restrictions on freedom
Former Prime Minister Manmohan Singh on Monday said that one must not fall prey to the argument that India's development requires a restriction on the freedoms of its people and a concept of nationhood which demands a contrived unity rather than embrace the reality of India's diversity.
Timeline: How Danske Bank's Estonian money laundering scandal unfolded
(Reuters) - Danske Bank is embroiled in a money laundering scandal that has triggered criminal investigations, forced out its CEO and chairman and rattled investors in Denmark's largest bank.
GE shakes up power unit leadership, taps retired executive to help
(Reuters) - General Electric Co shook up its ailing power business on Monday, appointing a new CEO for gas power and bringing a longtime GE executive back from retirement to help.