Page 1798 - Business Finance
Agri-startup CropIn Tech raises Rs 58 cr
Agri startup CropIn Technology Solutions Monday announced raising of Rs 58 crore (USD 8 million) from two investors, including Chiratae Ventures, for expansion of its global 'SmartFarm' technology platform. With this investment, the company -- which provides software-as-a-service (SaaS) solutions to agri-businesses globally -- has raised a total funding of USD 12 million till date. "CropIn Technology has raised Rs 58 crore (USD 8 million) in a Series B financing from Chiratae Ventures (formerly IDG Ventures India) and the Bill and Melinda Gates Foundation Strategic Investment Fund," the Bengaluru-based company said in a statement. The financing will scale up the company's initial product 'SmartFarm', which is a customised mobile app and web interface platform for farm management, globally to expand its reach from 3 million acres across 2 million farmers to over 10 million acres across 7 million farmers, it said. The SmartFarm allows for business-to-business-to-farmer plot-level farm ..
Telcos complete new KYC process in 85% area: COAI
Telecom operators have completed the adoption of a new e-KYC (Know Your Customer) process in around 85 per cent of the country and the rest is likely to be covered soon, the Cellular Operators Association of India (COAI) said on Monday.
KCR's daughter-in-law richer than his son
Telangana Chief Minister K. Chandrashekhar Rao's daughter-in-law is richer than his son K. T. Rama Rao, a minister in his cabinet.
PFRDA conducts valuation to weigh up doubling of pension limit to 10K
Pension fund regulator PFRDA is doing actuarial valuation of its portfolio to gauge the feasibility of raising the pension limit to up to Rs 10,000 per month under the Atal Pension Yojana (APY), a top official said. A proposal was made in the past to raise the pension under APY to double the limit from the existing slab of up to Rs 5,000. "Since it is a guaranteed pension scheme, there is an obligation to honour the guarantee on the government. So, for that, on what kind of obligation would be required on the government (part), we are doing an actuarial valuation of the portfolio that will show us whether the government really needs to do something to honour the guarantee or whether the guarantee will really not be required," PFRDA Chairman Hemant G Contractor told PTI. The process is expected to be complete by December. Contractor said once clear on the idea, the government may like to increase the scope of the scheme. On asked how soon the scheme, if feasible, can be a reality, he ..
Nissan board to meet Thursday to discuss Ghosn dismissal: CEO
Nissan's board will meet Thursday to fire chairman Carlos Ghosn, who was reportedly under arrest in Japan over allegations of financial misconduct, the company's chief executive officer said. "I will call a board meeting to make a proposal to remove him from the position of chairmanship and approve it," Hiroto Saikawa told a news conference Monday. Saikawa said he had been informed that Ghosn and Nissan's Representative Director Greg Kelly have been arrested. "These two gentleman are arrested this evening, that's what I understand," said Saikawa. The Nissan CEO told journalists that Ghosn's arrest and dismissal would not affect the Japanese automaker's relationship with Renault and Mitsubishi. "The partnership among the three entities will not be affected by this event, rather we will closely work together with all the partners to contain any possible confusion," Saikawa told reporters. Ghosn leads an alliance of Nissan, Renault and Mitsubishi. Saikawa also said too much power had ...
Services exports up 19.3% in September 2018
Services trade surplus improves to US$ 6.43 billion in September 2018
Exports rise 17.9% in October 2018
Trade deficit jumps to US$ 17.13 billion in October 2018
Wall St set to open lower on Apple concerns, trade uncertainties
(Reuters) - Wall Street was set to open 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.
Hopes of easier lending norms, fund inflows lift equity indices (Roundup)
Indian equities got a lift on Monday amid expectations the central bank will take measures to ease liquidity crunch and relax lending norms for state-run banks.
Danske Bank whistleblower says European bank handled $150 billion of payments
COPENHAGEN (Reuters) - The whistleblower who revealed alleged money laundering involving Danske Bank said on Monday that a major European lender helped process up to $150 billion in suspicious payments and two U.S. banks were also involved.
Ola announces rollout across south-west England
India's ride-hailing company Ola on Monday announced the launch of its services across south-west England. The Bangalore-headquartered company, which describes itself as one of the world's largest ride-hailing platforms, had unveiled its UK market entry plans recently starting with Wales. Now people in and around the city of Bristol can book rides on the Ola app, with services launching in Exeter and more towns in the coming weeks, the company said. "We could not be more excited about launching services in south-west England in the thriving city of Bristol, ahead of the busy holiday season and in many more towns in the weeks ahead," said Ben Legg, Managing Director of Ola UK. "While we remain in the early stages of our UK-wide rollout, we have seen passengers and drivers respond positively to what we offer and are more confident than ever that Ola will transform the market with its dynamic, responsible service that enables people to travel safely and conveniently," he said. To ...
Prez Kovind hails Vietnam's 'spectacular' economic growth
President Ram Nath Kovind on Monday hailed Vietnam's "spectacular" economic growth in the last two decades, as he called for Vietnamese collaboration in India's flagship government programmes to boost bilateral trade, technology and investment relations. Addressing the Vietnam-India Business Forum here, Kovind said India and Vietnam are old civilisations with ancient cultural and spiritual connections. "But the story of our engagement is much broader. Traders and merchants from India brought goods and commodities to the shores of Vietnam long before the arrival of cultural thought and expression. There was a flourishing maritime connect in the days gone by. And, to our desire, trade continues to be a driving force in our contemporary partnership," he said. "In the last eight years, we have seen an almost four-fold increase in bilateral trade, from USD 3.7 billion in 2010 to USD 12.8 billion last year. With both Vietnam and India on a strong growth path, we can expect this trend to ...
Nigeria's Abubakar promises to boost oil investment, cut subsidies if elected
ABUJA (Reuters) - Nigeria's main opposition candidate Atiku Abubakar said on Monday he will boost oil sector investment, cut costly fuel subsidies and double the size of the economy by 2025 if he wins next year's presidential election.
Future Enterprises acquires Ritvika Trading
Homegrown retail major Future Enterprises Monday said it has acquired Ritvika Trading Pvt Ltd. The company, however, did not provide financial details of the acquisition. The company has acquired 100 per cent of equity share capital of trading firm Ritvika Trading Pvt Ltd, Future Enterprises said in a filing to BSE. Shares of Future Enterprises Ltd today closed at Rs 43.75 per scrip on BSE, down 0.34 per cent from its previous close.
Rupee rises 26 paise to end at 10-week high, extends gains for 5th day
The rupee Monday rose by 26 paise to close at a 10-week high of 71.67 against the US currency, extending its winning streak for the fifth straight day helped by steady forex inflows amid a crucial RBI board meeting. The rupee has gained around 1.68 per cent to scale 10-week high levels in the five-day rally since November 13 as foreign funds returned to capital markets and oil prices retreated. Stock markets also rose nearly 1 per cent to scale six-week high levels despite the ongoing RBI board meeting also supported the rupee sentiment. Key issues under consideration in the RBI board meeting were to ease rules for weaker banks, providing liquidity to non-bank finance companies and framing a new capital framework for the Reserve Bank of India, V K Sharma, Head PCG & Capital Markets Group, HDFC Securities said. Meanwhile, emerging currencies also recovered following signs of easing US-China trade tensions and dovish comments by the US Federal Reserve officials about the world ...
IDSA appoints Rana Banerjee as secretary general
Indian Direct Selling Association (IDSA) Monday said it has appointed Rana Banerjee as its secretary general. Banerjee has around 28 years of experience in various companies and industry associations. His last assignment was with FICCI as joint director and head of Jharkhand and Bihar state offices. "His valuable contribution in the area of strategy, government affairs and stakeholder engagement will add to IDSA's existing proficiency and certainly give a strong push to our endeavour to create a conducive environment for direct selling industry," IDSA Chairman Vivek Katoch said. Incorporated in 1996 and headquartered in Delhi, IDSA is an autonomous, self-regulatory body for the direct selling industry in India.
Oil steadies as market prices in expectations of OPEC supply cut
LONDON (Reuters) - Oil steadied on Monday, having gained in the previous three sessions from the prospect that top exporter Saudi Arabia will push OPEC and maybe Russia to cut supply towards the year-end.
IEA's Birol appeals for 'common sense' as oil producers weigh supply cut
BRATISLAVA (Reuters) - Oil supply cuts by key producers could have negative implications for markets, the head of the International Energy Agency said on Monday, appealing to market players to use "common sense".
Nissan's Ghosn to be ousted over financial misconduct allegations
TOKYO (Reuters) - Nissan Motor Co Ltd said it was ousting Chairman Carlos Ghosn for alleged financial misconduct and Japanese media reported he has been arrested, a shocking fate for a leader hailed for rescuing the company from close to bankruptcy.
U.S. stock futures dip on Apple concerns, trade uncertainties
(Reuters) - U.S. stock index futures dipped on Monday as Apple shares were hit by concerns of slowing demand for iPhones, while conflicting signals of a potential truce in the China-U.S. trade dispute added to market jitters.