Page 18 - Business Finance
PM-economists meet: 'Single-minded pursuit' for growth, FDI in banking, divestment discussed
Further opening of banking and insurance sectors for FDI, speeding up disinvestment process and management of water resources were among the focus areas of Prime Minister Narendra Modi's interaction with economists and industry experts on Saturday to achieve higher economic growth, said sources. During the interactive session, ahead of the presentation of the Union Budget next month, speakers made a case for "single minded pursuit" to achieve growth, they added. A release issued by the Prime Minister's Office (PMO) said that the session organised by Niti Aayog on 'Economic Policy - The Road Ahead' was attended by over 40 economists and sectoral experts. "During the session, participants shared their views, in five distinct groups, on the economic themes of macro economy and employment, agriculture and water resources, exports, education and health," the release said. Meanwhile, Modi in a tweet said he had a fruitful interaction with economists and other experts. "The inputs received ..
Corporation Bank donates Rs 3.38 cr for cyclone Fani victims in Odisha
State-owned Corporation Bank has donated Rs 3.38 crore towards relief and rehabilitation works for the people affected by cyclone Fani in Odisha. The cheque was handed over by Corporation Bank MD P V Bharathi to state Chief Minister Naveen Patnaik on June 18, the bank said in a statement. The fund was donated in support of relief efforts following the devastating cyclone Fani that had affected the state earlier this year, it said. Employees of the bank have volunteered and contributed one day's salary for the donation in support of the relief works, Bharathi said.
Cash-strapped Pakistan rolls out red carpet for Qatari Emir
Cash-strapped Pakistan on Saturday received Qatari Emir Sheikh Tamim bin Hamad Al Thani, who is visiting the country after a break of over four years. During his two-day visit, investment deals worth billions of dollars are expected to be signed between the two countries. The Emir, who last toured Islamabad in March 2015, was received by Prime Minister Imran Khan at the Nur Khan Airbase in Rawalpindi, near Islamabad. Hamad Al Thani is accompanied by a high-level delegation comprising key ministers and senior officials. The Qatari leader will hold talks with the Prime Minister and will also meet President Arif Alvi. Earlier on Sunday, Prime Minister Imran Khan said that the Emir will announce investments deals worth USD 22 billion during his visit. "This comes as a second major investment in the country after the Kingdom of Saudi had announced to invest USD 21 billion in Pakistan in three phases under its investment plan," he had said. Saudi Crown Prince Mohammed bin Salman during his .
India's natural gas production rises 0.4% in May 2019
India's natural gas production moves up 0.1% in April-May 2019
India's fuel product consumption flat at 18.61 million tonnes in May 2019
Fuel product consumption declines 0.3% in April-May 2019
India's crude oil refinery output declines 1.6% in May 2019
Crude oil refinery output rises 1.2% in April-May 2019
Daimler recalls more cars over emissions cheating: Report
German auto giant Daimler has been ordered to recall a further 60,000 diesel cars believed to have been equipped with emissions-cheating software, the mass-circulation daily Bild reported on Saturday. The German Federal Motor Transport Authority or KBA already ordered Daimler last year to recall 700,000 diesel vehicles worldwide, including 280,000 in Germany, because of software that lowered the amount of dangerous particles their engines emitted during testing. That recall -- which Daimler is appealing -- covered a range of different models, including its Vito, C-Class, V-Class and GLC cars. But now the KBA has told the carmaker to recall its Mercedes-Benz GLK 220 CDI models built between 2012 and 2015, Bild reported. Contacted by AFP, a company spokesman confirmed the information. "An investigation has been under way since April," he said. The so-called "Dieselgate" scandal erupted in Germany in 2015 when Europe's biggest carmaker Volkswagen admitted to installing so-called "defeat .
PM Modi to meet economists, experts today
Prime Minister Narendra Modi will meet leading economists and experts today in the run up to the presentation of Union Budget 2019-20 on July 5 with the government looking at ways to boost growth and employment generation.The meeting, being held at the NITI Aayog, comes in the backdrop of economic growth slowing to 5.8 per cent in the fourth quarter of 2018-19 pushing India behind China.The Central Statistics Office data also showed that the Gross Domestic Product (GDP) for 2018-19 (at 2011-12 prices) was at a five-year low of 6.8 per cent as compared to 7.2 per cent GDP growth in 2017-18.Modi had met Secretaries of all ministries earlier this month and urged them to begin work on making India a five trillion dollar economy.The economists and experts are expected to make presentations to the Prime Minister about the challenges and the ways to boost growth.
Technical glitch hits Delhi Metro's Yellow Line services for few hours
Services on a section of Metro's Yellow Line was briefly affected on Saturday due to a technical snag here.According to Delhi Metro Rail Corporation (DMRC), a delay in services between Vishwavidyalaya and Central Secretariat was reported on the Yellow Line.Later, the mass transit operator said that services were resumed on the Yellow Line.The Yellow Line is one of the busiest lines in the Delhi Metro network and connects Samaypur Badli in north Delhi to HUDA City Centre in Gurugram.
Reliance Chemotex Industries update on rights issue
Rights issue opens on 08 July 2019
Radiant Life completes acquisition of 49 per cent stake in Max Healthcare
Radiant Life Care Private Limited ("Radiant"), a leading Indian hospital management company promoted by Abhay Soi and backed by KKR, has completed the previously announced acquisition of a 49.7 per cent stake in Max Healthcare Institute Limited ("Max Healthcare" or "MHC") from South Africa-based hospital operator Life Healthcare. Abhay Soi will now lead Max Healthcare as Chairman of its Board and Executive Council.Radiant's stake acquisition is one of several steps that will eventually result in Soi and KKR together acquiring a controlling stake in Max Healthcare by combining the health care assets of Max Healthcare, Max India Limited ("Max India"), and Radiant to create the largest hospital network in North India.As part of the transaction, Max India's promoters have received an advance of Rs 361 crore (USD 52.2 million) from KKR in exchange for a 4.99 per cent stake in the merged entity. Max India's promoters have used the funds for deleveraging purposes."Max Healthcare and Radiant
Castrol India sows seeds of good health for farmers with Castrol Khet Aasana
Castrol India Limited, the leading automotive and industrial lubricant manufacturing company in the country, today announced its health outreach programme for the food providers of the nation - the farming community.This campaign will extend specially curated yoga aasanas Castrol CRB Plus Khet Aasana to farmers to help reduce health adversities they face caused by their stressful and laborious schedules.The results of detailed independent research, covering over seven hundred farmers across five regions in India, commissioned by Castrol India this year threw up some startling results. The study, which attempted to assess health issues faced by farmers as a linkage to the nature of their job and working conditions revealed that physical stress is a concern among farmers currently.68 per cent farmers reported that they suffer from musculoskeletal problems while digestive issues were reported by over 51 per cent farmers, respiratory problems were raised by over 31 per cent farmers, and ..
Benefits of a loan against property offered by Bajaj Housing Finance Limited
There are many such events in life for which you need financing. Be it from funding your child's education to managing your wedding expenses or even the unforeseen medical bills. A loan against property from Bajaj Housing Finance Limited enables you to do it all.The company offers a customised loan against property to salaried and self-employed individuals. So, when looking for a loan against property to fund high-value purchases, applying to a leading NBFC like Bajaj Housing Finance Limited is a good decision.Here are the benefits that Bajaj Housing Finance Limited's (BHFL's) loan against property offers:High sanction addresses a range of needsThis loan offers salaried applicants up to Rs 1 crore and self-employed customers up to Rs 3.5 crore at a competitive interest rate, within 4 days. This makes it an affordable solution for varied needs. Customers can use it to buy a home or office, business use, working capital use too, pay for overseas education or a destination ...
Centre to use digital technology to transform agriculture, double farmers' income by 2022
In a bid to double farmers' income by the year 2022, the Ministry of Agriculture and Farmers Welfare is set to use digital technology to modernise and organise agricultural activities in rural India."Digital Technology, like Artificial Intelligence, Big Data Analytics, Blockchain Technology, Internet of Things, etc can play a transformational role in modernizing and organizing how rural India performs its agricultural activities," Union Minister of Agriculture and Farmers' Welfare, Narendra Singh Tomar told the Rajya Sabha in a written statement.The Government has constituted an Inter-Ministerial Committee to examine issues relating to doubling of farmers' income and recommend a strategy to achieve that goal by the year 2022.The committee has appreciated the role of Digital Technology and recommended the development of mobile applications to disseminate valuable information regarding farming, sending crop related advisories through SMS and online portal, launching an online trading ...
IRSDC signs two MoAs to renovate 22 railway stations
Two Memorandum of Agreements (MoAs) on 'Railway Station Redevelopment' for the renovation of a total of 22 railway stations was signed by Indian Railway Stations Development Corporation (IRSDC) here.In an MoA signed between IRSDC and MECON Limited on Friday, eight railway stations including Andheri, Bandra Terminus, Ranchi, Chennai Egmore will be redeveloped."Similarly, another MoA was signed with two other Central Public Sector Enterprises (CPSE) -- EPIL and Bridge and Roof-- on Thursday for the renovation of 14 railway stations including Kolkata Terminal, Kanpur Central, Kalyan Junction, Ludhiana, Hyderabad and Udaipur City," IRSDC said in a press release."These CPSEs will prepare detailed project reports on the development of these 22 stations and act as Project Management Consultant to IRSDC for implementation of the redevelopment program," IRSDC added."Six CPSEs have been selected by IRSDC for the redevelopment of total 41 railway stations under the program and similar MoAs will .
Mahindra Finance and Manulife form asset management joint venture
Mahindra Asset Management Company has entered into a joint venture with Toronto-based financial services group Manulife to expand the depth and breadth of fund offerings and retail fund penetration in India.The 51:49 joint venture brings together Mahindra's domestic market strength focused on meeting customer needs with Manulife's global wealth and asset management capabilities in servicing the needs of Asian consumers, across developed and developing markets.Manulife operates as John Hancock in the United States, providing wealth and asset management and life insurance solutions for individuals, groups and institutions around the world with assets under management and administration of over 849 billion dollars (about Rs 58.98 lakh crore).Mahindra AMC, a subsidiary of Mahindra & Mahindra Financial Services, offers nine different investment schemes with annualised average assets under management at Rs 5,019 crore and over 1.6 lakh customer accounts from 400 cities."Our experience
Afghanistan holds agricultural expo in Mumbai to boost trade ties with India
Afghanistan on Friday held an event here to highlight "Made in Afghanistan" products in a bid to attract Indian investment to their nation.57 Afghan companies from the agricultural sector took part in the event, which was inaugurated by Muqadessa Yourish, the Deputy Minister of Afghanistan's Ministry of Industry and Commerce.Speaking to ANI, Yourish highlighted that Afghanistan sought to attract investment to their nation to boost its economy."There are two sides of business - there is trade and there is investment...We're doing really great on the trade aspect of business but we're struggling to bring in investment to the country. There is a lot of potential, we have the energy sector, the mining sector but security has always been an issue when businesses have shown interest to come and invest in Afghanistan," she said."Going forward, we would like to focus not only on trade but the investment component of the business as well. Our Indian partners have certainly shown interest on ...
UN to appeal for $1.2 billion to help 5 million Palestinians
The head of the UN agency for Palestinian refugees said Friday he hopes donors will be as generous this year as they were last year after the United States cut all funding for the USD 1.2 billion programme to help some 5 million Palestinians. Pierre Krahenbuhl said at a news conference that 42 countries and institutions increased their funding to the UN Relief and Works Agency last year. He called that "unprecedented," adding that it was also "very remarkable" that every single pledge in 2018 was honoured. He praised the strong mobilisation of funds from Europe, the Gulf countries, Asia, the Americas and beyond, adding that "we're very inspired by that result." Krahenbuhl said the agency is pursuing the same appeal for USD 1.2 billion this year and hopes donors will pledge that amount at a conference Tuesday at UN headquarters. UNRWA was established after the war surrounding Israel's establishment in 1948 to aid the 700,000 Palestinians who fled or were forced from their homes. Today,
US Fed says large banks prepared to withstand economic crisis
Major banks operating in the United States would be able to withstand a severe global economic crisis with funds to spare, the Federal Reserve said Friday. The Fed announced the results of its annual bank stress tests, showing the 18 largest financial institutions would suffer losses but still have enough of a capital buffer to continue operating. "The results confirm that our financial system remains resilient," Fed Vice Chairman Randal Quarles said. During the 2008 financial crisis, the collapse of the mortgage securities market essentially froze the financial system and the US government had to spend billions to bail out banks. Banking reform laws required the institutions to significantly increase their capital and shore up their internal risk management to avoid another government rescue. "The nation's largest banks are significantly stronger than before the crisis and would be well-positioned to support the economy even after a severe shock," Quarles said in a statement. The Fed
Pradhan has telephonic talk with Saudi Energy Minister, expresses concern over rising crude oil prices
India on Friday expressed its concern over rising crude oil prices amid US and Iran tensions.Minister for Petroleum and Natural Gas Resources Dharmendra Pradhan on Friday had a telephonic discussion with Saudi Minister of Energy, Industry and Mineral Resources Khalid Al-Falih and urged him to keep oil prices at a "reasonable level.""The two leaders also discussed the recent geopolitical developments impacting crude oil prices," said an official statement.Oil prices rallied towards USD 65 per barrel amid fears of a US military attack on Iran, which would disrupt the flow of oil from the Middle-East.Escalating the tensions, Iran has claimed that its forces on Thursday shot down US military surveillance drone over the Strait of Hormuz, the world's most strategically important point through which one-third of the world's liquefied natural gas and almost 20 per cent of total global oil consumption passes.Pradhan, referring to the developments in the Strait of Hormuz, conveyed his concern ..
