Page 1996 - Business Finance
Goldman tracking ahead of $5 billion revenue goal by 2020
(Reuters) - Goldman Sachs Group Inc is tracking ahead of its goal to generate $5 billion in additional annual revenue by 2020 as growth initiatives bear fruit, its new finance chief said on Monday.
Major recruiters throng IIM-C campus for Summer Placement
Emimemt organisations such as financial services major Citibank and Merrill Lynch, FMCG giants Hindustan Unilever Ltd and Procter & Gamble featured as the top recruiters at the IIM Calcutta's Summer Placement programme. There were 458 candidates who had opted for Summer Placement for the Class of 2020 and 100 per cent of them were recruited in a little over two days, an IIM-C statement said Monday. More than 120 companies participating in the process. Summer Internship is a mandatory part of curriculum of the flagship PGDM course at IIM Calcutta that allows students to get an exposure to various opportunities in corporate world before making a final career decision, the statement said. The highest number of offers (26 per cent) came from banking and financial services domain with Citibank being the largest recruiter while others included Bank of America, Merrill Lynch, Barclays, Credit Suisse and Goldman Sachs. Boston Consulting Group, McKinsey & Co, and Bain ...
SoftBank's Son defends Saudi ties as kingdom-backed fund boosts profit
TOKYO (Reuters) - SoftBank Group Corp CEO Masayoshi Son on Monday condemned the killing of a journalist by Saudi security personnel, and said his firm must carry out its responsibility to the kingdom's citizens whose money is invested in its Vision Fund.
Global Markets: Stocks little changed ahead of midterms, Fed; oil up
NEW YORK (Reuters) - An index of stocks on major markets were flat on Monday, following four days of a bounce-back from a 14-month low, ahead of a key vote to define the power balance in Washington and a meeting of the U.S. monetary policy makers.
Iran lost around $2 billion in oil revenues since May, U.S. official says
DUBAI (Reuters) - Iran has lost around $2 billion in oil revenue since May, when U.S. President Donald Trump pulled out of the nuclear deal, U.S. Special Representative for Iran, Brian Hook, told reporters on a call on Monday.
High gold prices hurt demand on Dhanteras
In line with expectations, the sale of gold this Dhanteras across metro cities was subdued owing to high prices of the precious metal.
Metro services to be available till 10 pm from terminal stations on Diwali
Metro services will be available till 10 pm on Diwali from terminal stations, the Delhi Metro Rail Corporation (DMRC) said Monday. "On account of the Diwali festival the last metro train service on November 7 will be at 10 pm instead of 11 pm from terminal stations of all metro lines including the Airport Express Line," the DMRC said in a statement. It stated that metro train services will run for rest of the day on Diwali from 6 am onwards on all lines and from 4:45 am on the Airport Express Line.
NDTV Q2 net profit at Rs 59 lakh
New Delhi Television Ltd (NDTV) Monday posted a consolidated net profit after tax of Rs 59 lakh for the second quarter ended September 30. The company had reported a net loss of Rs 23.14 crore during the July-September last fiscal. Total income, however, declined to Rs 100.83 crore for the second quarter as compared to 103.97 crore in the same period previous fiscal, NDTV said in a regulatory filing. "Based on current business plans and projections prepared by the management, the company expects growth in operations with improvement in its operational efficiency," it added. In order to meet long-term and short-term working capital requirements, which includes certain overdue payables, the management continues to implement various options like rationalising costs, negotiating extended credit terms and divestment of non core businesses to address these matters, the media firm said.
DHFL repays commercial paper worth Rs 1,775 cr
Housing finance company DHFL on Monday said that it has repaid a commercial paper (CP) worth Rs 1,775 crore.
Analysis: European banks' beauty only skin-deep, investors say
LONDON (Reuters) - Europe's top banks may have survived a milestone test of their resilience but strengthened balance sheets count for little when they generate such meagre returns compared with U.S. rivals, investors say.
Andhra Bank to divest stakes in joint ventures
State-owned Andhra Bank Monday said it will divest its stake either fully or partially in various joint venture firms. The board of directors of the bank, at its meeting held on November 11, 2018, accorded its approval for divestment of bank's stake in full or in part in joint venture investments of the bank -- ASREC India Ltd, India International Bank (Malaysia) Bhd and IndiaFirst Life Insurance Co Ltd, Andhra Bank said in a regulatory filing. IndiaFirst is a joint-venture between Bank of Baroda (44 per cent), Andhra Bank (30 per cent) and UK's wealth and investment management firm Legal & General (26 per cent). India International Bank (Malaysia) Berhad (IIBM) is a joint-venture of state-owned Bank of Baroda (40 per cent); Indian Overseas Bank (35 per cent) and Andhra Bank (25 per cent) that began its operations in July 2012. ASREC is engaged in securitisation and reconstruction of financial assets business. It is owned by Allahabad Bank (27.04 per cent), Bank of India (26.02 ...
HCC rights issue committee to determine issue price
Hindustan Construction Company (HCC) Monday announced that rights issue committee will this month discuss various matters, including determination of the issue price. HCC had earlier announced that it will raise up to Rs 500 crore through rights issue. "This is to inform you that a meeting of the Rights lssue Committee will be held on November 12, 2018, to discuss various matters in relation to the issue, including determination of the issue price for issuance of the equity shares to be offered in the issue," the company said in a filing to the BSE. This, it said, is further to the meeting of the board of directors of the company held in september, "approving the issue of equity shares of the company of face value Rs 1 each (equity shares) by way of a rights issue to the existing shareholders of the company as on the record date for an amount not exceeding Rs 500 crore," the filing said.
RBI imposes Rs 1 cr fine on Fino Payments Bank for opening new a/c despite directions
The Reserve Bank Monday imposed a fine of Rs 1 crore on Fino Payments Bank for opening new accounts despite directions not to do so until further order. The RBI, on October 31, 2018, imposed a penalty of Rs 10 million on FINO Payments Bank Limited, the apex bank said in a release. The fine has been imposed for contravention of the direction to stop opening of new accounts until further instructions on account of violation of certain licensing conditions and operating guidelines for payments bank, RBI said. This penalty has been imposed in exercise of powers vested in RBI under the provisions of the Banking Regulation Act, 1949, it said further. Earlier in May, the RBI had directed the Mumbai-based payments bank to halt account opening functions till it modifies its processes to adhere to the regulator's rules on deposit limit, which mandates payments banks to restrict deposits to Rs 1 lakh. Fino Payments Bank kicked off its operations in June last year. In November 2014, the RBI had ..
U.S. snaps back Iran sanctions, grants oil waivers to China, seven others
WASHINGTON/SEOUL (Reuters) - The United States snapped sanctions back in place on Monday to choke off Iran's oil and shipping industry, while temporarily allowing top customers such as China and India to keep buying crude from the Islamic Republic.
Competition Commission approves Alstom-Siemens deal
The Competition Commission has approved the deal to merge rail operations of French major Alstom and German firm Siemens. Alstom is a global player in the world rail transport industry and is also engaged in the mobility business in India. Siemens' mobility business offers a broad portfolio of rail automation and signalling solutions, rail electrification systems, road traffic technology and IT solutions, among others. The firm is engaged in various business activities in India, including the mobility business. "@CCI_India approves the combination of Alstom and the mobility business of Siemens," the fair trade regulator said in a tweet Monday. "This filing concerns the strategic combination of Alstom and the mobility business of Siemens, the ultimate parent of the Siemens group of companies, by way of a contribution of Siemens' mobility business to Alstom in consideration for newly issued Alstom shares (the proposed transaction)," said the joint notice submitted to the Competition ...
TCI Express Q2 net up 25 pc to Rs 16.27 crore
Express logistic service provider TCI Express said Monday its net profit grew by 24.60 per cent to Rs 16.27 crore in the second quarter ended September 2018. The company in a statement said it had clocked a net profit of Rs 13.05 crore for the second quarter in the corresponding period of the previous fiscal. "The increase in revenues pushed the company's PAT to rise by 24.60 per cent during the quarter, when compared to the same period of last year," the company said in a statement. The company said its revenue during the quarter showed a robust growth of 21.59 per cent to Rs 248 crore. Chander Agarwal, Managing Director, TCI EXPRESS, remarked, Today, Micro, Small and medium Enterprises (SME) contributes as high as 45 per cent to country's GDP has pivot role to play in future on India's economy. And at TCI EXPRESS sustainable business contribution from SME will be instrumental for growth in years to come.
Energy stocks lift S&P, Dow; Apple drags
(Reuters) - The S&P 500 and the Dow Jones Industrial Average rose on Monday, supported by energy stocks and strong results from Berkshire Hathaway Inc, while a 3 percent drop in Apple Inc shares dragged down the Nasdaq.
President Xi urges international community to oppose protectionism
Amid a trade war with the US, President Xi Jinping on Monday urged the international community to oppose protectionism as he vowed to step-up China's imports of goods and services to over USD 40 trillion in the next 15 years. Inaugurating the first China International Import Expo in Shanghai in which India along with 172 other countries, regions and international organisations took part, Xi, in a thinly veiled attack on President Donald Trump, called for staunch opposition to protectionism and unilateralism. Leaders of 18 countries, including Pakistan Prime Minister Imran Khan, are taking part in the mega event which is aimed at showcasing China's import potential. "In a world of deepening economic globalisation, practices of the law of the jungle and winner-takes-all only represent a dead end. Inclusive growth for all is surely the right way forward," Xi said. "Countries need to pursue an open policy, explicitly oppose protectionism and unilateralism, and strive to enhance the level .
Fortis Q2 net loss widens to Rs 142 cr; IHH transaction to be completed shortly
Fortis Healthcare Monday reported widening of its consolidated net loss to Rs 142 crore for the quarter ended September 2018, mainly impacted by impairment of goodwill and investments. The company also said all approvals are in place for fund infusion of Rs 4,000 crore from IHH Healthcare Berhad and the transaction will be completed shortly. The company had posted a net loss of Rs 23.61 crore for the corresponding period of the previous fiscal, Fortis Healthcare said in a filing to BSE. Consolidated income from operations of the company stood at Rs 1,139.90 crore for the quarter under consideration. It was Rs 1,197.17 crore for the same period a year ago. "Net profit for Q2FY19 primarily impacted by impairment of goodwill and investments respectively," Fortis Healthcare said. The CCI approval has been received by Northern TK Ventures Pte Ltd (a subsidiary of IHH). With all approvals in place both Fortis and IHH working to close the transaction shortly, it said. In its update on ...
Takeda CEO confident of investor backing for $62 billion Shire deal
LONDON (Reuters) - The boss of Japan's Takeda Pharmaceutical said on Monday he was confident of securing investor backing for its $62 billion acquisition of London-listed Shire, despite some shareholders' fears about the resulting debt burden.