Page 1797 - Business Finance
India, Europe sales help Xiaomi swing to net profit in Q3
Riding on its robust sales in India and Europe, China-based Xiaomi on Monday reported a 49.1 per cent increase in revenue for its third quarter of 2018 as net profit reached 2.48 billion yuan ($357.23 million).
PM sets target of breaking into top 50 on ease of doing biz ranking
Prime Minister Narendra Modi Monday set an ambitious target of India breaking into top 50 nations on the World Bank's ease of doing business ranking and said efforts are on to nearly double the size of country's economy to USD 5 trillion. In his opening remarks at a meeting called on ease of doing business ranking with the Indian industry, Modi said the era of policy paralysis has ended and his government was giving policy-based governance that has helped catapult the country from 142nd rank among 190 nations on the World Bank's ease of doing business ranking in 2014 to 77th position this year. Reforms will continue and procedures would be further eased to make it easier for companies to do business in the country, he said adding efforts are on to increase the size of the economy to USD 5 trillion. Modi said it is an outcome of India's consistent reforms trajectory that the country's position is getting credence globally and is being recognised by international bodies like the IMF, ...
Over 70% Uday bonds to mature during 2019-27: Icra
Rating agency Icra Monday said more than 70 per cent of the total Ujwal Discom Assurance Yojna (UDAY) bonds with outstanding of Rs 2,039.1 billion at the end of March 2018 will mature during 2019-20 to 2026-27, with peak redemption in FY2027. The rating agency in research report titled 'Update on State Government Finances' further said fifteen states issued Rs 2,107.6 billion of UDAY bonds in 2015-16 and/or 2016-17, the redemption of which started in 2017-18 and will extend up to 2031-32. "More than three-fourths of these bonds were issued by five states, namely Rajasthan, Uttar Pradesh (UP), Haryana, Tamil Nadu (TN) and Punjab," Icra said. According to the rating agency, the aggregate repayment of the UDAY bonds of the 15 states will exacerbate the redemption pressure and the gross rollover requirements during 2019-20 to 2026-27, assuming that the states would resort to market borrowings to repay the UDAY bonds. "This may necessitate a larger gross annual borrowing limit to be ...
Oil slips as pessimism over supply resurfaces despite OPEC pledge
LONDON (Reuters) - Oil fell on Monday, surrendering earlier gains as investors weighed up the effectiveness of a potential cut in supply from OPEC and possibly other exporters in the face of rapidly rising global output.
AAR ruling on back offices may hit India's image as global service provider: NASSCOM
Software industry body Nasscom said Monday an 18 per cent GST rate on back office and support services to multinational companies could lead to "unwarranted disputes", potential job losses and may dent India's image as a global service provider. Expressing surprise at a recent order by Authority of Advance Ruling (AAR) that back office services do not qualify as exports and are taxable under GST, Nassom warned it could lead to government entities demanding retrospective tax from companies based in India, and also render players "non-competitive" in the global market. "If the implication of this ruling is not suitably clarified, it will make our companies non-competitive in the global market, potentially resulting in loss of revenue, jobs and customers," Nasscom said in a statement. It added that this will have a direct impact on more than 500 GICs (Global In-house Centres) with over 3.5 lakh employees currently operating out of India, and supporting their global ...
Putin visits Turkey to inaugurate undersea gas pipeline
The Russian President was received by his Turkish counterpart on Monday to officially inaugurate the TurkStream undersea natural gas pipeline which is expected to bring Russian gas through the Black Sea to Turkey and on to Europe from next year.
GAIL, GETCO move NCLT seeking rejection of ArcelorMittal bid for Essar Steel
State-run gas utility GAIL (India) and Gujarat Energy Transmission Corp (GETCO) have moved the National Company Law Tribunal (NCLT), seeking rejection of ArcelorMittal's Rs 42,000-crore takeover plan for Essar Steel, saying operational creditors have been left out in the proposal. Last month, a committee of Essar Steel lenders picked ArcelorMittal's Rs 42,000-crore proposal to take over the debt-laden company by paying Rs 41,987 crore out of total dues of Rs 49,395 crore of financial creditors. Operational creditors, under the plan, are to get just Rs 214 crore against the outstanding of Rs 4,976 crore. Aggrieved by ArcelorMittal's resolution plan, GAIL and GETCO filed separate interlocutory applications in the Ahmedabad-bench of NCLT saying they have claims of over Rs 1,800 crore against Essar Steel India, which are not being fully cleared. GAIL in the November 16 application said it has a claim of Rs 907.20 crore towards non-offtake of gas that it had signed for under a take or pay .
Danske Bank whistleblower says he raised alarm four times
A whistleblower who uncovered a massive alleged money laundering scheme at Danske Bank's Estonian branch told a Danish parliamentary commission Monday that he had notified his superiors four times about suspicious transactions but no action was ever taken. "It's fundamentally unclear to me ... why the executive board didn't take action," Howard Wilkinson, the British former head of the lender's market business in the Baltics, told parliament's Business, Growth and Export Committee. More than 1.5 trillion Danish kroner (201 billion euros, USD 235 billion) transited through the Estonian subsidiary of Danske Bank between 2007 and 2015, according to an outside law firm that carried out a probe for Denmark's largest lender. Danske Bank has said it is impossible to say how much of the gigantic sum was dirty money, but has admitted that many of the suspicious transactions could be "criminal". Of the around 15,000 accounts under investigation -- which Danske Bank closed in 2015 -- 6,200 are ..
AAI in pact with US agency to prepare modernisation roadmap
State-run Airports Authority of India (AAI) has inked an agreement with the US Trade and Development Agency (USTDA) to develop a roadmap for modernisation of its air traffic services. Air traffic services (ATS) comprises air traffic management (ATM) and communication, navigation and surveillance (CNS). The pact was signed on November 16, an official release said Monday. The collaboration is aimed at developing a CNS/ATM roadmap for the AAI for modernisation of the national airspace system (NAS), the release said. Under the pact, US aircraft manufacturer Boeing will provide technical assistance which will create a roadmap to enhance communications, expand existing systems and airspace capacity, and invest in CNS/ATM facilities, it added. "We have entered into a grant agreement with USTDA, under which Boeing will provide the technical know-how to develop a future roadmap for smoother and efficient skies," said Gurupradas Mohapatra, chairman, AAI. The double-digit growth in
Indian-origin executive takes charge of European bank's sustainability team
The European Bank for Reconstruction and Development (EBRD) on Monday announced the appointment of Nandita Parshad, an Indian-origin senior executive, as the head of its consolidated new sustainable infrastructure group within the multilateral organisation. Parshad, currently Managing Director for Energy and Natural Resources at the EBRD, in her new role will lead the bank's engagement in environmental, transport and energy sectors in 38 countries across three continents with a particular focus on decarbonisation and sustainable financing, a statement said. "Green investments increasingly require a complex approach combining energy, emissions, water and waste," said Parshad, who was born in Kolkata and holds undergraduate and graduate degrees from the Woodrow Wilson School of Public and International Affairs at Princeton University. "This integration is shown in the emergence of a number of important cross-cutting themes such as electrification of trains, buses and electric vehicles, .
IIFL Wealth Management, American Express partner to curate a premium offering
IIFL Wealth Management Limited (IIFL WM), one of the India's fastest growing wealth management firms, has partnered with American Express, the world's largest card issuer by purchase volume, to distribute American Express Platinum Cards to meet the needs of its high-value clients. The newly released metal charge card will be offered on 'invite-only' basis by IIFL WM to its client-base.Clients of IIFL-One will receive the American Express Platinum Card, which offers the powerful backing of American Express through its Membership Rewards program, superior customer experience and access to a worldwide network of millions of merchants spread across 200 countries. IIFL WM will promote the premium offering that features both IIFL WM and American Express logos, to clients in Mumbai and Delhi.The American Express Platinum Card offers unique benefits that enable a premium lifestyle, such as:• No pre-set spending limit on the Card, which opens up a range of choices for members• 3X Membership ...
More expected to happen on India-Vietnam bilateral ties: President Kovind
President Ram Nath Kovind said India and Vietnam "made significant achievement no doubt, but a lot more is waiting to happen."The President made these remarks while addressing the Vietnam-India Business Forum in Hanoi during his state visit to the Asian country.Congratulating the people and government of Vietnam for their 'stupendous success' in building the country's economy, President Kovind said, "Vietnam has seen spectacular economic growth in the last two decades. This has allowed reduction of the poverty rate from over 70% in the 1990s to less than 10% now. The increase in per capita GDP of Vietnam from less than US Dollars 100 in 1990 to over US Dollars 2500 today is a remarkable achievement with very few parallels in the developing world."Accompanied by a delegation, consisting of several ministerial officials, President Kovind, and the first lady Savita Kovind arrived in Vietnam on Sunday on a three-day visit, with an aim to strengthen bilateral relations between the two ...
Gold holds tight range as uncertain U.S. rate view saps dollar
BENGALURU (Reuters) - Gold consolidated in a tight $6 range on Monday while investors watched for catalysts in a holiday week, holding above $1,220 as the dollar softened on uncertainty about U.S. interest rates.
Wall St opens lower on Apple concerns, trade uncertainties
(Reuters) - U.S. stocks opened lower on Monday as shares of Apple and its suppliers were hit by ongoing concerns of slowing demand for iPhones, while conflicting signals of a potential truce in the China-U.S. trade dispute added to market jitters.
Refiners get taste of post-IMO world with gasoline/diesel imbalance
LONDON (Reuters) - Refineries around the world are squeezing out every last drop of diesel while drowning in gasoline, in what could well become the new normal for the next few years.
GST profiteering charge against Fabindia dismissed
The anti-profiteering authority has dismissed charges against Fabindia Overseas of not passing on price reduction benefits to consumers post the roll out of Goods and Services Tax (GST). The complaint filed with standing committee under GST in February had said that Fabindia Overseas Pvt Ltd, Banjara Hills, Hyderabad had not passed on to the consumers the benefit of reduction in the rate of tax on two items -- Bathing Bar and Instant Drink Powder 50 gm. The applicant had accused the company of not reducing the price of the products despite reduction in tax rate from 27 per cent in the earlier excise and service tax regime to 18 per cent under the GST from July 1, 2017. The Directorate General of Anti-Profiteering (DGAP) during its investigation has found that the actual pre-GST tax rate on the products was not 27 per cent (12.5 per cent excise duty + 14.5 per cent VAT). The tax rate in the pre-GST regime for bathing bar sold by the company was 14.5 per cent and the same for Instant ...
Salary dues: Jet Airways pilots not to do additional duties
The pilots of Jet Airways have threatened not to perform additional duties from next month if their salary dues were not cleared by November 30, an airline source said Monday. Besides, the airline's domestic pilots body, National Aviator's Guild (NAG), which has so far allegedly been soft on the issue, is likely to meet here Tuesday to discuss the prevailing financial situation at the carrier, he said. The Naresh Goyal-controlled private carrier has been reporting losses since the last three successive quarters and defaulting on salary payments to a section of its staff. "Pilots have decided that they will not perform any additional duty and adhere only to the roster from December 1 if all salary dues are not cleared by November 30. The decision has been communicated to the management verbally," the source told PTI. Around 1,600 Jet Airways pilots along with the cash-starved airline's engineers and senior management officials have been paid only 50 per cent of the September ...
RBI board holds marathon meet amid central bank's differences with govt
The RBI board held a marathon meeting Monday amid a rift between the central bank and the government over several issues including how much capital the apex bank needs, lending norms for small and medium enterprises and rules for weak banks. RBI Governor Urjit Patel and his deputies came face to face with government nominee directors -- Economic Affairs Secretary Subhash Chandra Garg and Financial Services Secretary Rajiv Kumar -- and independent members like S Gurumurthy to arrive at a middle ground on some of the contentious issues. While there was no official word on the deliberations at the meeting that lasted nearly nine hours, the government and Gurumurthy have been pressing the central bank to provide more liquidity to non-banking finance companies (NBFCs), ease lending rules to small businesses, relax norms for weak banks and part with more of RBI's surplus reserves to boost the economy. There are indications that the RBI may be willing to ease lending norms for micro, small ..
Nissan's Ghosn arrested in Japan for alleged financial misconduct
YOKOHAMA (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 charismatic leader hailed for rescuing the Japanese carmaker from close to bankruptcy.
Companies to invest Rs 3,424 crore in city gas distribution projects in Odisha
Energy companies will invest about Rs 3,424 crore in city gas distribution projects in seven geographical areas (GAs) covering 17 districts in Odisha, an official said on Monday.