Page 1799 - Business Finance
Minister calls for increase in agricultural loan target to Rs 8,000 cr in Bengal
Hailing the West Bengal cooperative banks for achieving a higher credit-deposit ratio than the national average, Finance Minister Amit Mitra on Monday urged the cooperative department to increase the agricultural loan disbursement target by Rs 1,000 crore to Rs 8,000 crore in the next year.
Yes Bank shares jump over 7%
Shares of YES Bank surged over 7 per cent Monday, following reports that a search panel entrusted with finding Rana Kapoor's successor to lead the company has shortlisted multiple names. The stock soared 7.19 per cent to end at Rs 205.05 a piece on the BSE, its biggest gain in almost three weeks. During the day, it jumped 7.68 per cent to Rs 206. At the National Stock Exchange, shares of the company gained 7.22 per cent to close at Rs 204.80. The stock was the biggest gainer among the blue chips on both the key indices during the day. In terms of equity volume, 57.22 lakh shares of the company were traded on the BSE and over 6 crore shares changed hands at the NSE during the day. A search panel entrusted with finding Kapoor's successor to lead YES Bank has shortlisted multiple names, including those serving foreign as well as domestic lenders, two sources said Friday. In a surprise move, the Reserve Bank of India in September had curtailed the term of Kapoor, who owns around 11 per ...
World Toilet Day highlights global sanitation crisis
Poor countries around the world are facing a dangerous shortage of toilets that puts millions of live at risk, according to campaigners marking World Toilet Day by urging governments and businesses to invest more in sanitation. The toilet crisis is most severe in parts of Africa and Asia facing extreme poverty and seeing a population boom. One in five primary schools and one in eight secondary schools globally do not have any toilets, the group WaterAid said in a new report to mark the UN-designated toilet day, observed on Monday, as part of efforts to end the global sanitation crisis. An estimated 4.5 billion people across the world lack access to proper sanitation, said the report. Some 2.5 billion among them do not have adequate toilets, according to UN figures. The lack of toilets forces many to defecate in the open in the streets, in the bushes and by rivers and other water sources. Among the development goals set by the UN in 2015 is a target to ensure everyone has access to a .
Xiaomi wants to change rural retail in India with new business
Chinese electronics major Xiaomi, which is focusing on amplifying its product portfolio beyond smartphones, is all set to launch on Tuesday a new business which, according to the company, will "change rural retail in India".
'Discoms will have to pay Rs 2k cr to solar cos as GST claims'
State power distribution companies (discoms) will have to shell out nearly Rs 2,000 crore as one-time compensation towards GST impact to solar power developers, according to rating agency Icra. The Central Electricity Regulatory Commission (CERC), in its order in October, had approved the claims raised by solar power developers related to the impact of introduction of the goods and service tax (GST) on their capital cost. "The CERC has approved the claims under change in law and thus, allowed the relief which is required to be recovered as a one-time payment on GST front from the off-takers. Thus, the one-time compensation towards GST impact to be paid by discoms to solar power developers," Icra group head and senior vice-president - corporate ratings Sabyasachi Majumdar said. Considering 75 per cent of the capacity commissioned during this period to be under the competitive bidding regime awarded prior to July 2017 (prior to introduction of GST), the one-time ...
BLS International commences Premium Lounge service for UK Visas and Immigration
This service is part of the contract awarded to Sopra Steria by UKVI to deliver front end services to applicants resident in the UK. BLS International is the service delivery partner to Sopra Steria responsible for key deliverables under the contract, as well as a suite of added value services.
Danske Bank whistleblower says other banks processed suspicious payments
COPENHAGEN (Reuters) - The whistleblower who revealed suspected money laundering involving Danske Bank said on Monday that two major U.S. and one European banks were among several which had helped process suspicious payments.
No bail-out for Jet Airways, management needs to run airline smothly: Minister
The Central government on Monday ruled out the possibility of providing any financial bail-out or leeway to cash-strapped Jet Airways, stating that it's the prerogative of the company's management to implement policies to ensure smooth functioning of the airline.
Global stocks struggle higher, dollar sapped by rate hike uncertainty
LONDON (Reuters) - World shares struggled higher on Monday amid conflicting signals of a potential truce in the China-U.S. trade dispute, while the Federal Reserve's new-found concerns over the global economy sapped the dollar.
HMSI scooter sales cross 25 million mark
Honda Motorcycle and Scooter India (HMSI) Monday said its cumulative scooter sales have crossed 25 million milestone. The company had first launched a scooter model in the country in 2001. "From achieving 10 million sales mark in 13 years, Honda added additional 10 million customers in just next three years," HMSI said in a statement. Besides, it added the next 5 million units within one year, it added. "Over the years, love and trust of customers for Honda scooters have kept growing and taking this motivation ahead, Honda firmly aims to lead the next wave of scooterisation which has already started in tier-II and tier-III towns," HMSI Senior Vice President - Sales and Marketing Yadvinder Singh Guleria said. HMSI, which is a leader in scooter segment with a market share of around 57 per cent, sells a range of scooters including Cliq, Activa and Grazia.
Auto titan Ghosn arrested over financial misconduct
Nissan chairman Carlos Ghosn, one of the world's best-known businessmen, was reportedly under arrest in Japan on Monday in a shocking fall from grace linked to allegations of financial misconduct. Japan's public broadcaster NHK and other media outlets said Ghosn had been arrested after being questioned by Japanese prosecutors for various improprieties including underreporting his income. Nissan said it had been investigating its chairman for months and would now move to fire him. The news sent shockwaves through the auto industry, where Ghosn is a towering figure who is credited with turning around several major manufacturers and leads an alliance of Nissan, Renault and Mitsubishi. "The Tokyo District Public Prosecutor's Office arrested Nissan chairman Ghosn on suspicion of violation of the Financial Instruments and Exchange Act," NHK said. In a statement, Nissan said it had been conducting a probe into Ghosn for several months after receiving a whistleblower report and had uncovered .
Colfax to buy medical devices firm DJO Global for $3.15 billion
(Reuters) - Industrial equipment maker Colfax Corp said on Monday it would acquire DJO Global Inc from Blackstone Group for $3.15 billion in cash, as it diversifies into selling medical products such as shoulder implants and knee braces.
India Will Work With Other Countries To Reform World Trade Organization (WTO)
The Union Minister of Commerce & Industry and Civil Aviation, Suresh Prabhu, said that India will work along with other member countries to reform the World Trade Organization (WTO) to ensure that it remains an engine for global trade. Speaking at a conference on Strategic Alliance for WTO and Trade Remedies in New Delhi today, he said that the multilateral trading system is under stress and number of fresh trade restrictive measures have surged which will affect global trade and economic growth.
Hong Kong Stocks gain 0.7%
U.S. President Donald Trump said Friday his country may not slap more tariffs on Chinese products if Beijing makes some more concessions.
China Market gains 0.9%
Competition between the U.S. and China over the Pacific was thrown into the spotlight at the Asia-Pacific Economic Cooperation summit in Papua New Guinea. U.S. Vice President Mike Pence listed U.S. differences with China, a day after he directly criticized its Belt and Road program, saying countries should not accept debt that compromised their sovereignty. "They begin with trade practices, with tariffs and quotas, forced technology transfers, the theft of intellectual property. It goes beyond that to freedom of navigation in the seas, concerns about human rights," Pence told reporters travelling with him, according to Reuters. China's foreign ministry responded by saying no developing country would fall into a debt trap simply because of its cooperation with Beijing. The developments come ahead of an expected meeting between U.S President Donald Trump and his Chinese counterpart Xi Jinping at the upcoming G-20 summit in Buenos Aires, Argentina.
SC rejects plea of Dalmia Bharat Group firm's plea against rejection of its bid for Binani Cement
The Supreme Court on Monday dismissed the plea of a Dalmia Bharat Group firm challenging the National Company Law Appellate Tribunal (NCLAT) order allowing rival UltraTech Cement to acquire debt-ridden Binani Cement. A bench of justices R F Nariman and Navin Sinha upheld the NCLAT's last week order which had allowed the Aditya Birla group firm to acquire Binani Cement by approving its revised Rs 7,950.34 crore bid over an offer by Rajputana Properties. The bench said there was no infirmity in the NCLAT's order. The NCLAT had approved UltraTech's resolution plan for Binani and rejected the resolution plan submitted by Dalmia Bharat's Rajputana Properties by terming it "discriminatory" and "unbalanced". The top court's order came on a plea by Rajputana Properties against the NCLAT order. In its order, the NCLAT had observed that the plan submitted by Rajputana discriminated between "equally situated" financial creditors and did not balance other stakeholders such as the operational ...
Colfax to buy DJO Global in $3.15 billion deal
(Reuters) - Industrial equipment maker Colfax Corp said on Monday it would acquire medical device maker DJO Global Inc from private equity funds managed by Blackstone Group for $3.15 billion in cash.
Sebi fines entities for manipulative trades in Saianand Commercial, Parichay Investments
Markets regulator Sebi has levied a total penalty of Rs 3.5 crore on 23 entities for indulging in unfair trade practices in the scrips of Saianand Commercial Ltd. Separately, the capital markets watchdog slapped a fine of Rs 2.45 crore on 18 entities for manipulative trades in the stocks of Parichay Investments. Some of the entities had indulged in unfair trade practices in the shares of both the companies. The fine has been imposed on these entities in the range of Rs 5 lakh and Rs 40 lakh. It was alleged that the entities, collectively referred as Soni Group, had created artificial volumes and misleading appearance in the securities market by trading among themselves through matched trades, reversal trades and self-trades. Subsequently, the regulator had conducted investigation in the shares of Saianand Commercial and Parichay Investments from January 2010 to August 2011 to examine the possible violation of the provisions of the Sebi Act. In similar-worded orders dated November 16, .
According to SEBI, assured return schemes are illegal, said Parimal Tripathy
Easy payment plans promising the assured returns in the real estate sector is now a thing of the past. To lure investors into investing in real estate projects, till now developers were offering assured returns schemes to them. In the commercial segment, investors were often promised to get the assured returns of up to 12 percent.It has been seen that many real estate companies have been running Ponzi schemes to lure investors which is basically a financial scam in which investors are promised very high returns. Under the scheme, the money being invested by the second set of investors is used to pay off the first set.The investment made by the third set of investors is used to pay off the second set and so on. Such Ponzi scheme runs until the money being invested in the scheme is greater than the money that is going to redeem the investment of the early investors.The moment it reverses, the scheme collapses and the hard earned money of people gets stuck in the projects which actually .
Japan Nikkei bounces 0.65% on bargain hunting
Stocks moved mostly higher, assisted by repurchases of beaten-down issues including semiconductor-related companies and electronic parts makers, brokers said.