Page 2029 - Business Finance
U.S. SEC collects nearly $4 billion in fines, disgorgement in fiscal 2018
WASHINGTON (Reuters) - The Securities and Exchange Commission assessed $3.945 billion in disgorgement and penalties across 821 enforcement actions in fiscal 2018, the agency's enforcement division said in its annual report on Friday.
World Bank President hails Modi for India's rise in Ease of Doing Business
With India jumping 23 ranks on Ease of Doing Business index, World Bank chief Jim Yong Kim on Friday called up Prime Minister Narendra Modi to congratulate him for the 'historic rise' in the rankings.
Reliance terms Rahul's allegation 'blatant lie'
Reliance Infrastructure on Friday rejected allegations by Congress President Rahul Gandhi that Dassault Aviation invested Rs 284 crore in a "loss making" Indian company to secure the Rafale jet deal.
Centre promulgates ordinance to amend Companies Act
The Centre on Friday promulgated an ordinance to amend the Companies Act of 2013.The Ordinance, assented by President of India Ram Nath Kovind, is based on the recommendations of the Committee appointed by the Government to review corporate offences under the Companies Act.The Ministry of Corporate Affairs, in a press release, said that the twin objectives of the Ordinance are the promotion of ease of doing business as well as ensuring better corporate compliance."Shifting of the jurisdiction of 16 types of corporate offences from the special courts to in-house adjudication, which is expected to reduce the caseload of Special Courts by over 60%, thereby enabling them to concentrate on serious corporate offences. With this amendment, the scope of in-house adjudication has gone up from 18 Sections at present to 34 Sections of the Act," the Ministry of Corporate Affairs said.A decision has also been taken to reduce penalties in cases of small and one-person companies, which will be half
Indian, French firms sign 12 pacts worth 200 mn euros: Ziegler
French Ambassador to India Alexandre Ziegler Friday said that 12 agreements worth 200 million euro have been signed between French and Indian firms and these had the potential to create 3,000 jobs in Maharashtra. Addressing business delegates at the Indo-French Conclave here, Ziegler said economic partnership between the two nations has been dynamic in the past few years. "Our trade relations have grown by 20 per cent from last year and has doubled since 2009," he said, adding that his country saw India not as "revenue" or "market" but as a "true and precious" partner. The French Ambassador informed that 600 companies from his country have operations in India, employing 4 lakh people and investing around one billion euro annually. "The Indo-French relationship goes beyond these figures and the potential is huge. We collectively need to work towards increasing the investment of French companies in India," said Ziegler. He expressed happiness at India achieving 77th ...
Ease of Doing Business is no more a slogan: Arun Jaitley
The target of getting to the top 50 in 'Ease of Doing Business' is no more a slogan, in fact it's a very realisable dream, Union Finance Minister Arun Jaitley said on Friday."When we came to power, we were the ninth largest economy; now we're the sixth and soon we'll be the fifth," Jaitley said at the launch of Centre's Support and Outreach Initiative for Micro, Small and Medium Enterprises (MSMEs).There is still a lot of room to make progress, be it rural empowerment or infrastructure development. 70,000 loans up to Rs 1 cr have already been sanctioned under the 59-minute scheme, this is the nature of the demand, he added.Jaitley also informed that funds are reaching to the people as direct benefit and the government is saving Rs 90,000 crore and is working in a focused manner to tackle the sectoral challenges in Micro, Small and Medium Enterprises (MSMEs).On Wednesday, India recorded a jump of 23 positions against its rank of 100 in 2017 to be placed at 77th rank among 190 countries
U.S. job growth soars; annual wage gain largest since 2009
WASHINGTON (Reuters) - U.S. job growth rebounded sharply in October and wages recorded their largest annual gain in 9-1/2 years, pointing to further labor market tightening that could encourage the Federal Reserve to raise interest rates again in December.
Chevron quarterly profit doubles as U.S. oil production jumps
(Reuters) - U.S. oil and natural gas producer Chevron Corp said on Friday its quarterly profit doubled as record oil and gas production helped overcome a series of one-time items.
Global Economy: Europe focuses on growth, Fed to follow mid-terms
LONDON (Reuters) - New economic forecasts from the European Commission and services PMIs will help clarify the outlook for the euro zone economy after third-quarter growth disappointed, while mid-term elections and a Federal Reserve meeting top the U.S. agenda.
Focus: VW may sideline Audi, link with rivals in new 10-year plan
FRANKFURT (Reuters) - Volkswagen boss Herbert Diess will outline a 10-year plan on Nov. 16 to slash research costs by working with rivals, a step which would sideline Audi as the group's leading development centre.
Gold dips as dollar gains on solid U.S. jobs data
BENGALURU (Reuters) - Gold slipped on Friday as the dollar regained some ground on the back of strong U.S. jobs data, but the metal was still on track for a fifth week of gains.
India's rise in Ease of Doing Business rankings historic: World Bank chief
The President of World Bank, Jim Yong Kim, on Friday congratulated Prime Minister Narendra Modi for India's meteoric and historic rise in the Ease of Doing Business rankings.In a telephonic conversation to Prime Minister Modi, Yong said that it was remarkable that a nation of over 1.25 billion people has achieved a rise of 65 ranks in a short period of four years.Hailing the unwavering commitment and leadership skills of Prime Minister Modi, Kim described the rise as a "historic and an unprecedented" achievement, adding that the World Bank would continue its unflinching support to India's initiatives on ease of doing business.Kim also recalled the recent honours of the Prime Minister, including the United Nations Environment Programme (UNEP) Champions of the Earth Award. He further congratulated Prime Minister Modi for being honoured with the Seoul Peace Prize.Thanking the World Bank President for its continues guidance and support in India's efforts to improve ease of doing business,
Bliss GVS Pharma Q2 profit up 22% to Rs 41.45 crore
Bliss GVS Pharma on Friday reported a 22 per cent increase in consolidated profit to Rs 41.45 crore in the second quarter ended September 30, 2018. Bliss GVS Pharma had posted a profit of Rs 33.98 crore in the same period a year ago. Total income of the company increased by 4.8 per cent to Rs 253.3 crore from Rs 241.7 crore during the period under review.
Reliance Power Q2 net at Rs 253 cr, up 6.7% over previous quarter
Reliance Power on Friday posted 6.7 per cent increase in net profit for the second quarter ending September at Rs 253 crore over the Rs 237 crore earned on this count in the previous quarter.
Alibaba revenue jumps ahead of shopping bonanza Singles Day
Chinese e-commerce giant Alibaba Friday posted a 54 per cent boost in revenue in the second quarter and saw profits rebound ahead of Singles Day, the largest shopping holiday of the year in China. Alibaba reported a net profit of 20 billion yuan (USD 2.9 billion), a 13 per cent year-on-year increase, with strong revenue from its core business. This compared to a 41 per cent drop in profits in the previous quarter after Alibaba handed out compensation awards for employees related to Ant Financial, Alibaba's finance affiliate. But profits in the second quarter were "tempered" due to investments outside of the company's core e-commerce business, including those in digital entertainment and media, said Maggie Wu, chief financial officer of Alibaba Group. The company also consolidated its food delivery unit Ele.me and logistics arm Cainiao Network, resulting in a 19 per cent year-on-year decrease in income from operations, which hit a total of 13.5 billion yuan (USD 1.97 billion). Overall,
JSW Energy Q2 net profit up 6.3% to Rs 316 crore
JSW Energy on Friday posted a 6.3 per cent increase in consolidated net profit to about Rs 316 crore in the quarter ended September 30, 2018. The company had posted a profit of Rs 297 crore in the same period a year ago. JSW Energy said that the average price of Indian basket of crude has surged from USD 68 per barrel since April 2018 to USD 78 per barrel in September 2018 which resulted in firming up of input cost pressures for the manufacturing firms, thereby denting their profit margins. "The fuel cost for the quarter increased by 42 per cent YoY to Rs 1,329 crore, primarily due to an increase in international prices of coal further exacerbated by the weakening of rupee," the company said. The consolidated revenue from operations of JSW Energy increased 18.6 per cent to Rs 2,430.76 crore during the reported quarter from Rs 2049.04 crore in the same period of 2017-18. JSW said that long-term power purchase agreement (PPA) proportion improved to 80.4 per from 75 per cent on ...
Indiabulls to sell 50% stake in two office properties in Gurugram
Indiabulls Real Estate Ltd Friday announced plans to sell 50 per cent stake in two office assets in Gurugram to a global investment firm. In a regulatory filing, the Mumbai-based developer said it has "entered into a non-binding term sheet with a globally renowned real estate investor to divest its 50 per cent stake in two office assets in Udyog Vihar, Gurugram, aggregating 7,84,000 sq ft leasable office space". The company did not name the global investor and disclose the deal value. Market experts said that deal value could be at an enterprise value of Rs 500 crore. Earlier this year, Indiabulls had sold 50 per cent stake in its two prime commercial assets in Mumbai to Blackstone for an enterprise value of Rs 9,500 crore. Indiabulls has an equal joint venture with global private equity firm Blackstone. The JV has 3.3 million sq ft completed asset with annuity income of Rs 670 crore, while 0.8 million sq ft is under construction with expected rental income of Rs 172 crore. Moreover, .
Arvind SmartSpaces posts Q2 net profit of Rs 2 cr
Arvind group's realty firm Arvind SmartSpaces Ltd Friday reported a consolidated profit of Rs 2 crore for the quarter ended September. Its profit stood at Rs 5 crore in the year-ago period, the Ahmedabad-based company said in a statement. Revenue stood at Rs 45 crore for the second quarter of this fiscal as against Rs 32 crore during the same period of the last financial year. The company has adopted IND AS 115 with effect from April 1, 2018 and has opted for the modified retrospective approach. The financials of the prior reporting periods have not been restated and hence, Q2 FY19 numbers are not comparable with previous reporting periods, it said. Kamal Singal, the company's MD and CEO, said: "Arvind SmartSpaces continues to maintain its performance, quarter on quarter basis since last 4 years of its listing and expects to maintain the growth momentum." The company has already delivered seven projects of around 2.8 million sq ft and has another seven projects totalling 7 million sq .
RBI to help shadow banks refinance debt as default worries loom
MUMBAI (Reuters) - The Reserve Bank of India (RBI) sought on Friday to ease a massive credit crunch affecting non-banking finance companies (NBFCs) by allowing banks to act as partial guarantors for some of their existing debt which should make it easier to refinance.
Xiaomi sells over 10 lakh LED TVs in 9 months
Electronics company Xiaomi said Friday it sold more than 10 lakh TVs in over nine months. "One million Mi TVs account for all variants sold across all Xiaomi sale platforms for Mi LED TVs. This achievement marks an industry first, and is a key milestone for Xiaomi India," Xiaomi said in a statement. The Chinese firm said that it has become the number one Smart TV Brand in India according to the second quarter 2018 Worldwide report from market research firm IDC.